Transfers to defraud revenue to be void

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..... tax Act as made applicable to this Act by section 32, any assessee creates a charge on, or parts with (by way of sale, mortgage, gift, exchange or any other mode of transfer whatsoever) the possession 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 compl .....

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..... aforesaid does not form part of the stock-in-trade of the business of the assessee.] -------------------- Notes:- 1. Substituted vide Taxation Laws (Amendment) Act, 1975, w.e.f. 1-10-1975. Originally, it was inserted by the Wealth-tax (Amendment) Act, 1964, w.e.f. 1-4-1965. 2. Substituted vide Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988. Before it was read as .....

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