Voidability of transfers: invalid against revenue claims unless made for adequate consideration or with assessing officer permission.

Transfers or charges by a person on his assets during pendency of, or after completion of, proceedings under the Code are void against any claim for sums payable unless made for adequate consideration without knowledge of the proceeding or payable sum, or effected with prior permission of the Assessing Officer; the section applies where the tax or sum payable exceeds five thousand rupees and the assets charged or transferred exceed ten thousand rupees in value, and "asset" excludes business trading assets.

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