Amendment status not verified — confirm the current text below against the official source.
Tax to be first charge on property: Notwithstanding anything to the contrary contained in any law for the time being in force, any amount payable by a dealer under this Act on account of tax, penalty or interest or any amount which a person required to pay under this act shall be first charge on the property of the dealer or such person. 47 Period of limitation for recovery of tax: Notwithstanding anything contained in any for the time being in force, no proceeding for recovery of any amount under sub-section (1) (b) of Section 44 shall be initiated after the expiry of five years from the date of the relevant assessment. Provided that when an appeal or revision has been filed, the period of limitation shall run from the date on which the amount due is finally determined. -48-