Section 281 of IT ACT VS BANK LOAN
This query is : Resolved
05 March 2025
Bank asks borrower to obtain IT Certificate under section 281 of Act. But Dept does not issue. At the same time,,GST holds higher stake. Then why not Lending bank asks similar Certificate from GST dept. Both are Statutory Auth.
Kindly guide.
Kindly guide.
05 March 2025
have you applied and IT department rejected your application?
05 March 2025
the reason IT certificate is requested is becuase Income-tax department has the power to nullify any such sale or lein/mortgage. So the lender ask for this certificate as a permission by the IT department that they no objection to such a mortgage being created.
GST department does not have similar powers. Hence, no such requirement.
GST department does not have similar powers. Hence, no such requirement.
05 March 2025
Yes. Last year we did apply but no response. My query is that GST conventionally have higher Stake than IT. Then why not any such permission from them. Banka are clueless
05 March 2025
as explained above. i dont even understand why do you want another bureaucratic dealing with GST!
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