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of <h1>New Tax Law: Asset Transfers Void Against Tax Claims Without Adequate Consideration or Permission, Per Section 281 Amendment.</h1> Section 281 of the Income-tax Act, 1961, is replaced by a new provision under the Taxation Laws (Amendment) Act, 1975. It declares that any transfer or charge on assets by an assessee during or after tax proceedings, but before notice is served, is void against tax claims unless made for adequate consideration without notice of proceedings or with prior permission from the Income-tax Officer. This applies if the tax amount exceeds five thousand rupees and the asset value exceeds ten thousand rupees. 'Assets' include land, buildings, machinery, and other specified items not part of business stock.
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