India - Income Tax Act 2010 - Saarc

S. 281B I.T. ACT, 1961 1.938Tax credit certificate scheme.280ZE. [Omitted by the Finance Act, 1990, w.e.f. 1-4-1990.]61[Certain transfers to be void.CHAPTER XXIIIMISCELLANEOUS281. (1) Where, during the pendency of any proceeding under this Act or afterthe completion thereof, but before the service of notice under rule 2 of theSecond Schedule, any assessee creates a charge on, or parts with the possession(by way of sale, mortgage, gift, exchange or any other mode of transferwhatsoever) of, any of his assets in favour of any other person, such charge ortransfer shall be void as against any claim in respect of any tax or any other sumpayable by the assessee as a result of the completion of the said proceeding orotherwise :Provided that such charge or transfer shall not be void if it is made—(i) for adequate consideration and without notice of the pendency ofsuch proceeding or, as the case may be, without notice of such tax orother sum payable by the assessee ; or(ii) with the previous permission of the 62 [Assessing] Officer.(2) This section applies to cases where the amount of tax or other sum payableor likely to be payable exceeds five thousand rupees and the assets charged ortransferred exceed ten thousand rupees in value.Explanation.—In this section, “assets” means land, building, machinery, plant,shares, securities and fixed deposits in banks, to the extent to which any of theassets aforesaid does not form part of the stock-in-trade of the business of theassessee.]Effect of failure to furnish information in respect of properties held benami.281A. 63 [Repealed by the Benami Transactions (Prohibition) Act, 1988, w.e.f.19-5-1988.]64[Provisional attachment to protect revenue in certain cases. 65281B. (1) Where, during the pendency of any proceeding for the assessment ofany income or for the assessment or reassessment of any income whichhas escaped assessment, the 66 [Assessing] Officer is of the opinion that forthe purpose of protecting the interests of the revenue it is necessary so to do, he61. Substituted by the Taxation Laws (Amendment) Act, 1975, w.e.f. 1-10-1975.62. Substituted for “Income-tax” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f.1-4-1988.63. Prior to its repeal, section 281A was inserted by the Taxation Laws (Amendment) Act, 1972,w.e.f. 15-11-1972 and later amended by the Finance Act, 1984, w.e.f. 1-4-1984.64. Inserted by the Taxation Laws (Amendment) Act, 1975, w.e.f. 1-10-1975.65. See Instruction No. 8/2004, dated 2-9-2004 and Circular F. No. 404/22/2004-ITCC, dated5-11-2004. For details, see Taxmann’s Master Guide to Income-tax Act.66. Substituted for “Income-tax” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f.1-4-1988.