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of <h1>Asset transfers during tax proceedings are void without permission or adequate consideration under Rule 2, Second Schedule</h1> During any proceeding under the Income-tax Act or after its completion but before notice under rule 2 of the Second Schedule is served, any charge or transfer of assets by the assessee is void against claims for tax or other sums payable, unless made for adequate consideration without knowledge of the proceeding or tax demand, or with prior permission from the Assessing Officer. This applies when the tax or sum payable exceeds five thousand rupees and the assets transferred exceed ten thousand rupees in value. Assets include land, buildings, machinery, plant, shares, securities, and fixed bank deposits, excluding stock-in-trade.
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