Certain transfers to be void

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....s with the possession (by way of sale, mortgage, gift, exchange or any other mode of transfer whatsoever) of, any of his assets in favour of any other person, such charge or transfer shall be void as against any claim in respect of any tax or any other sum payable by the assessee as a result of the completion of the said proceeding or otherwise : Provided that such charge or transfer shall not ....

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....NOTES:- 1. Substituted vide Section 73 of the Taxation Laws (Amendment) Act, 1975 w.e.f. 01-10-1975 before it was read as,  "Transfers to defraud revenue void. 281. Where, during the pendency of any proceeding under this Act, any assessee creates a charge on or parts with the possession by way of sale, mortgage, exchange or any other mode of transfer whatsoever, o....