Transfers to defraud revenue are void unless made for adequate consideration or with prior Assessing Officer permission. Transfers or charges on specified assets made by an assessee during pendency of assessment proceedings, or after completion but before service of the prescribed notice, are void against claims for tax or other sums unless made for adequate consideration without notice of the proceeding or tax claim, or made with the prior permission of the Assessing Officer; the provision applies where the tax claim and the assets exceed statutory thresholds, and defines 'assets' to include land, buildings, machinery, plant, shares, securities and bank fixed deposits excluding stock-in-trade.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Transfers to defraud revenue are void unless made for adequate consideration or with prior Assessing Officer permission.
Transfers or charges on specified assets made by an assessee during pendency of assessment proceedings, or after completion but before service of the prescribed notice, are void against claims for tax or other sums unless made for adequate consideration without notice of the proceeding or tax claim, or made with the prior permission of the Assessing Officer; the provision applies where the tax claim and the assets exceed statutory thresholds, and defines "assets" to include land, buildings, machinery, plant, shares, securities and bank fixed deposits excluding stock-in-trade.
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