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Section 226

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Querist : Anonymous

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Querist : Anonymous (Querist)
28 June 2012 Whether Section 226 of Income tax act supersedes bank clause in the insurance policy. if there is bank clause inserted in the insurance policy & notice is issued to the insurance co under sec 226, then whether insurance co should pay the amount of claim to bank or income tax & if it should be paid to income tax then whether bank can sue the insurance co.
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Amol S Joglekar

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Amol S Joglekar (Expert)
28 June 2012 The ORDER of claim is important. Govt tops the list. So is Income Tax dept. Now a poser may arise if bank is also Govt Bank.
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Querist : Anonymous

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Querist : Anonymous (Querist)
29 June 2012 Yes the bank is a govt. bank
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