2017 (8) TMI 487

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....1. Petitioner has challenged an order dated 30.10.2015 passed by the respondent no.3the Tax Recovery Officer, Ahmedabad, attaching a particular immovable property for the pending dues of the Income Tax department. 2. Brief facts are as under. 3. Petitioner is a nationalized bank. One Anmol Baidkumar Agarwal (hereinafter to be referred to as 'the borrower' for short) obtained credit facil....

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....ent of Security Interest Act, 2002, (hereinafter to be referred to as 'the SARFAESI Act' for short) on 08.10.2015 indicating that the bank proposed to take further action in terms of subsection (4) of section 13 of the SARFAESI Act against the said property of the borrower and other properties of the guarantors mentioned in the notice, if the dues remained unpaid. Subsequently, the bank al....

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....24.11.2010 by executing mortgage deed. The income tax dues which arose long after that for the assessment years which were subsequent to the said period, cannot defeat the right of the secured creditor to recover its dues by sale of the property. He submitted that at no stage, during the process of taking possession of the property and auction sale, the department raised any objection. The order o....