https://www.taxtmi.com/caselaws?id=200340 The Court clarified that a transfer annulled under S. 53, not S. 54, of the Provincial Insolvency Act remains valid until annulled by the Court, absolving the transferee from liability for mesne profits before the annulment date. Relying on precedent, the Court emphasized that under S. 53, the transferee's possession is lawful until annulled, distinguishing cases cited by the appellant. The decision affirmed that the transferee is not accountable for profits until the Court annuls the transfer, aligning with the lower courts' rulings. en-us Wed, 04 Jul 1945 00:00:00 +0630 Mon, 26 Mar 2018 14:29:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=200340 The Court clarified that a transfer annulled under S. 53, not S. 54, of the Provincial Insolvency Act remains valid until annulled by the Court, absolving the transferee from liability for mesne profits before the annulment date. Relying on precedent, the Court emphasized that under S. 53, the transferee's possession is lawful until annulled, distinguishing cases cited by the appellant. The decision affirmed that the transferee is not accountable for profits until the Court annuls the transfer, aligning with the lower courts' rulings. Case-Laws Indian Laws Wed, 04 Jul 1945 00:00:00 +0630 https://www.taxtmi.com/caselaws?id=200340