Law:

Section:

2007] 293 ITR 369 [2007] 163 TAXMAN 441 (SC) SUPREME COURT OF INDIA Tax Recovery Officer, Central Range-1 * v. Custodian Appointed under the Special Court (Trial of Offences Relating to Transaction in Securities) Act, 1992 G.P. MATHUR AND P.K. BALASUBRAMANYAN, JJ. CIVIL APPEAL NOS. 6316-6323 OF 2005 AUGUST 17, 2007 Section 226 of the Income-tax Act, 1961, read with sections 3 and 9A of the Special Court (Trial of Offences Relating to Transactions in Securities) Act, 1992 - Collection and recovery of tax - Other modes of recovery - Custodian, exercising powers under section 3(2) of Special Court Act, published name of 'D' in Gazette as notified person and in view of section 3(3), assets of 'D' stood attached to S pecial Court - Since 'K' and its group companies owed substantial amount of money to 'D', custodian on behalf of 'D' filed suit for recovery of its dues against 'K' - Suit was decreed in favour of 'D' and properties of 'K' were put to auction and money was realized - Certain dues of income-tax against 'K' were pending recovery by TRO and, therefore, he filed an intervention application under section 226(4) before Special Court, seeking direction that custodian be restrained from distributing sale proceeds without first satisfying claim of Income-tax Department - Special Court rejected applications filed by TRO - Whether since it was 'D' which had been notified as a party under section 3(2) of Special Court Act and not 'K', Special Court could not have entertained applications moved by Income-tax Department for realization of its income-tax dues from 'K' - Held, yes Section 1 of the Income-tax Act, 1961, read with section 13 of the Special Court (Trial of Offences Relating to Transactions in Securities) Act, 1992 - Act - Applicability of - Whether provisions of Special Court Act, wherever they are applicable, shall prevail over provisions of Income-tax Act - Held, yes FACTS The custodian, exercising powers under section 3(2) of Special Court Act, published the name of 'D' in gazette as notified person and in view of section 3(3), the assets of 'D' stood attached to the Special Court. 'K' and its group companies owed substantial amount of money to 'D' and…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492