Transfer of assets during recovery proceedings void unless transferee acted bona fide and paid fair market value. Transfers of assets during pending recovery proceedings under the Delhi Value Added Tax Act are void against the Commissioner's claim unless the transferee acted bona fide without notice of the proceedings and paid the fair market value. 'Assets' for this rule include land, buildings, machinery, plant, equipment, shares, securities, fixed bank deposits, vehicles, furniture and fixtures, to the extent such items are not part of the transferor's stock in trade.
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.
Transfer of assets during recovery proceedings void unless transferee acted bona fide and paid fair market value.
Transfers of assets during pending recovery proceedings under the Delhi Value Added Tax Act are void against the Commissioner's claim unless the transferee acted bona fide without notice of the proceedings and paid the fair market value. "Assets" for this rule include land, buildings, machinery, plant, equipment, shares, securities, fixed bank deposits, vehicles, furniture and fixtures, to the extent such items are not part of the transferor's stock in trade.
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