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of <h1>Asset Transfers Void Against Tax Claims if Made Before Notice by Tax Officer, Exceptions Apply Under Income Tax Act.</h1> During any ongoing or completed proceedings under the Income Tax Act, if an assessee transfers or charges their assets before the Tax Recovery Officer serves notice, such transfers are void against tax claims. However, transfers are valid if made for adequate consideration without knowledge of pending proceedings or tax liabilities, or with prior permission from the Assessing Officer. This applies when the tax or sum exceeds five thousand rupees and the asset value exceeds ten thousand rupees. 'Assets' include land, buildings, machinery, and more, excluding business stock-in-trade, and transfers include sales, mortgages, and gifts.
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