Section 47 of Delhi Value Added Tax Act 2004 - Transfer of assets
during pendency of proceedings void
What is Transfer of assets during pendency of proceedings void?
Section 47 of DVAT Act 2004
Section 47 : Transfer of assets during pendency of proceedings void
- Delhi Value Added Tax Act 2004
Where, during the pendency of any proceedings for the
recovery of an amount owed by a person under this Act, that
person creates a charge on or parts with the possession by way
of sale, mortgage, gift or exchange or any other mode of
transfer whatsoever, any of his assets in favour of any other
person, such charge or transfer shall be void against any claim
by the Commissioner in respect of the amount which is the
subject of proceedings, unless the other person ?
(a) acted bona fide and without notice of the recovery
(b) has paid the fair market value for the assets.
Explanation.? In this section "assets" includes land,
building, machinery, plant, equipments, shares, securities and
fixed deposits in the banks, vehicles, furniture and fixture to
the extent to which any of the assets aforesaid does not form
part of the stock in trade of the business of the person.