Section 43(4) in The Karnataka Value Added Tax Act, 2003
(4)A receiver.-(a)shall set aside, out of the proceeds of sale of an asset, the amount notified by the Commissioner under sub-section (2), or such lesser amount as may subsequently be fixed by the Commissioner;(b)is liable to the extent of the amount set aside for the tax payable by the person who owned the asset; and(c)may pay any debt that has priority over the tax referred to in this Section notwithstanding any provision of this Section.
