https://www.taxtmi.com/caselaws?id=36325 The High Court of Karnataka, through a judgment by Justice M. K. Srinivasa Iyengar, ruled in multiple writ petitions challenging an order by the First ITO under section 230A of the Income Tax Act, 1961. The ITO's declaration of transfers as void for lack of a clearance certificate was deemed unauthorized. The court emphasized that the ITO cannot unilaterally void transactions under section 230A, which aims to safeguard against affecting existing liabilities. The court quashed the ITO's order, underscoring the necessity of specific claims to enforce liabilities on transferred properties and ensuring tax authorities act within their statutory powers. en-us Thu, 27 Nov 1980 00:00:00 +0530 Sat, 20 Mar 2010 16:47:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36325 The High Court of Karnataka, through a judgment by Justice M. K. Srinivasa Iyengar, ruled in multiple writ petitions challenging an order by the First ITO under section 230A of the Income Tax Act, 1961. The ITO's declaration of transfers as void for lack of a clearance certificate was deemed unauthorized. The court emphasized that the ITO cannot unilaterally void transactions under section 230A, which aims to safeguard against affecting existing liabilities. The court quashed the ITO's order, underscoring the necessity of specific claims to enforce liabilities on transferred properties and ensuring tax authorities act within their statutory powers. Case-Laws Income Tax Thu, 27 Nov 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36325