1994 (1) TMI 13

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....d, as respondent No. 3. The erstwhile owner, Smt. Chakraborty, purchased the property by a registered conveyance, dated February 4, 1959, and got her name mutated in the records of the Calcutta Municipal Corporation and also in the records of the Calcutta Electric Supply Corporation for supply of electricity to the said premises. In April, 1987, there was a registered agreement between the said erstwhile owner and the present petitioner, whereby the property was agreed to be sold, by the previous respondent No. 3 to the present petitioner. On or about October 20, 1987, a tax clearance certificate for such sale under section 230A of the Income-tax Act was issued on the prayer of the erstwhile respondent No. 3, by the Income-tax Officer, K-Wa....

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....Recovery Officer. The provisions of the Benami Transactions (Prohibition) Act, 1988, was a complete bar to the point taken by the Tax Recovery Officer. We do not propose to go into this controversy in this case because in our view the contention of the appellant should succeed otherwise. We make it clear that we have not upheld the contention of Mr. Murarka in this regard. This question is left open to be decided in some other proceedings. It is well-settled that the statutory authority cannot exercise the powers beyond the statutory provisions. Under the Income-tax Act, there is no bar against transfer of property by husband to wife. If the transfer is without any consideration or for inadequate consideration then certain consequences f....

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....le 2 of the Second Schedule, any assessee creates a charge on, or parts 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 be void, if it is made,-- (i) for adequate consideration and without notice of the pendency of such proceeding or, as the case may be, without notice of such tax or other sum payable by the assessee ; or (ii) with the previous permission of the Assessing Officer. (2) Thi....