Introducing the “In Favour Of” filter in Case Laws.
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Introducing the “In Favour Of” filter in Case Laws.
Try it now in Case Laws →
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of <h1>Transfers or charges on assets void against tax claims unless for adequate consideration or with Assessing Officer's permission.</h1> A transfer or charge on a person's asset in favor of another is void against claims for sums payable under the Direct Taxes Code if made during or after proceedings. Exceptions include transfers made for adequate consideration without notice of proceedings or sums payable, or with prior permission from the Assessing Officer. This applies when the payable amount exceeds five thousand rupees and the asset value exceeds ten thousand rupees. Business trading assets are excluded from this definition of 'asset.'
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