https://www.taxtmi.com/caselaws?id=427143 Section 281 of the Income-tax Act protects transfers for adequate consideration made without notice of pending tax proceedings, while recovery after a certificate is governed by the Second Schedule. In this context, bona fide purchasers of immovable property, who bought for value and were unrelated to the defaulting assessee, could not be subjected to a continuing attachment when no effective recovery step was taken within the time limit in Rule 68B for sale of attached immovable property. The attempt to rely on Rule 16 was rejected as inapplicable on the facts, and the attachment was liable to be quashed. en-us Thu, 30 Jun 2022 00:00:00 +0530 Sat, 19 Nov 2022 14:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427143 Section 281 of the Income-tax Act protects transfers for adequate consideration made without notice of pending tax proceedings, while recovery after a certificate is governed by the Second Schedule. In this context, bona fide purchasers of immovable property, who bought for value and were unrelated to the defaulting assessee, could not be subjected to a continuing attachment when no effective recovery step was taken within the time limit in Rule 68B for sale of attached immovable property. The attempt to rely on Rule 16 was rejected as inapplicable on the facts, and the attachment was liable to be quashed. Case-Laws Income Tax Thu, 30 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427143