Tag Archives: Section 226

No Income Tax recovery from Purchaser when Bank sold mortgaged property without sharing sale proceeds with dept.

Did the department have a prior charge over the property which before raising of the dues of the department was already mortgaged in favour of the financial institution? Held Even if the bank had disregarded such a communication of the income-tax department and not shared with the department, proceeds of the sale of such property,… Read More »