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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Amendments to Wealth-tax Act: New Sections 34B and 34C Address Asset Transfers and Provisional Attachments.</h1> The amendments to the Wealth-tax Act, 1957, introduced by the Taxation Laws (Amendment) Act, 1975, replace section 34B with new provisions. Section 34B declares any asset transfer by an assessee during or after proceedings, intended to defraud revenue, as void against tax claims unless made for adequate consideration without notice of the proceedings or with prior approval from the Wealth-tax Officer. Section 34C allows provisional attachment of the assessee's property during wealth assessment proceedings to protect revenue interests, with such attachment ceasing after six months unless extended by the Commissioner for up to two years.
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