https://www.taxtmi.com/caselaws?id=414326 Flats purchased by the petitioners were held to remain protected under section 281(1) of the Income-tax Act because the registered sale deeds were executed before the warrant of attachment and before the assessee could be treated as in default for recovery purposes. Applying the statutory scheme under section 281(1) and the Second Schedule, the Court treated the proviso as preserving bona fide transferees who buy for adequate consideration and outside the attachment's reach. On the facts, there was no material to displace consideration or bona fides, so the declaration that the transfers were void could not stand insofar as it affected the petitioners' flats. en-us Tue, 28 Sep 2021 00:00:00 +0530 Tue, 02 Nov 2021 17:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=414326 Flats purchased by the petitioners were held to remain protected under section 281(1) of the Income-tax Act because the registered sale deeds were executed before the warrant of attachment and before the assessee could be treated as in default for recovery purposes. Applying the statutory scheme under section 281(1) and the Second Schedule, the Court treated the proviso as preserving bona fide transferees who buy for adequate consideration and outside the attachment's reach. On the facts, there was no material to displace consideration or bona fides, so the declaration that the transfers were void could not stand insofar as it affected the petitioners' flats. Case-Laws Income Tax Tue, 28 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=414326