https://www.taxtmi.com/caselaws?id=173119 A transfer made by an assessee during pending income-tax recovery proceedings was treated as vulnerable to the Revenue where the conditions of section 281 of the Income-tax Act, 1961 were satisfied. The proviso to section 281 was confined to transfers for valuable consideration without notice of the proceedings and was not expanded into a separate equitable protection for the transferee. Section 281 was held to operate in a different sphere from section 53 of the Transfer of Property Act, 1882, and rule 16 of the Second Schedule, which concerns post-attachment transfers, could not be used to dilute the statutory effect of a transfer made during pending recovery proceedings. en-us Thu, 26 Mar 1998 00:00:00 +0530 Wed, 09 Sep 2015 13:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=173119 A transfer made by an assessee during pending income-tax recovery proceedings was treated as vulnerable to the Revenue where the conditions of section 281 of the Income-tax Act, 1961 were satisfied. The proviso to section 281 was confined to transfers for valuable consideration without notice of the proceedings and was not expanded into a separate equitable protection for the transferee. Section 281 was held to operate in a different sphere from section 53 of the Transfer of Property Act, 1882, and rule 16 of the Second Schedule, which concerns post-attachment transfers, could not be used to dilute the statutory effect of a transfer made during pending recovery proceedings. Case-Laws Income Tax Thu, 26 Mar 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=173119