Clause 499 - Certain transfers to be void.

Voidability of asset transfers: transfers creating charge or parting possession are void against tax claims before recovery notice.

Transfers or charges created by an assessee during pendency of a proceeding under this Act or after its completion but before service of notice by the Tax Recovery Officer are void against any claim for tax or other sums payable arising from that proceeding or otherwise. Exceptions permit such dispositions if made for adequate consideration without notice of the proceeding or liability, or with prior permission of the Assessing Officer. The section applies where the payable amount and the assets charged or transferred exceed specified thresholds and lists covered assets and modes of transfer.