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Asset transfer avoidance empowers reassessing authority to tax a person's tax bases up to assessment commencement when transfers are imminent. If the Assessing Officer believes a person is likely to transfer assets to avoid tax, the Assessing Officer may charge to tax that person's tax bases for the period from the first day of the financial year until the date proceedings commence; proceedings under this provision follow the same procedural regime as applies where a person leaves the jurisdiction.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
<h1>Asset transfer avoidance empowers reassessing authority to tax a person's tax bases up to assessment commencement when transfers are imminent.</h1> If the Assessing Officer believes a person is likely to transfer assets to avoid tax, the Assessing Officer may charge to tax that person's tax bases for the period from the first day of the financial year until the date proceedings commence; proceedings under this provision follow the same procedural regime as applies where a person leaves the jurisdiction.
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