https://www.taxtmi.com/caselaws?id=8934 A transfer made for adequate consideration in discharge of genuine debts, with no benefit reserved to the transferor, is not voidable under section 53 of the Transfer of Property Act merely because it preferred one creditor or was executed in anticipation of an income-tax demand. On the facts, the company applied the sale proceeds to other bona fide debts and retained no benefit, so the challenge under section 53 failed. The appeal memorandum court-fee was also held to be correctly paid under section 50 of the Madras Court-fees and Suits Valuation Act, 1955. en-us Thu, 31 Aug 1972 00:00:00 +0530 Wed, 17 Jun 2009 15:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8934 A transfer made for adequate consideration in discharge of genuine debts, with no benefit reserved to the transferor, is not voidable under section 53 of the Transfer of Property Act merely because it preferred one creditor or was executed in anticipation of an income-tax demand. On the facts, the company applied the sale proceeds to other bona fide debts and retained no benefit, so the challenge under section 53 failed. The appeal memorandum court-fee was also held to be correctly paid under section 50 of the Madras Court-fees and Suits Valuation Act, 1955. Case-Laws Income Tax Thu, 31 Aug 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8934