Section 280E — CHAPTER XXII-A dealing with Annuity Deposits containing sections 280A to 280X were omitted by Finance Act, 1988 (26 of 1

CHAPTER XXII-A dealing with Annuity Deposits containing sections 280A to 280X were omitted by Finance Act, 1988 (26 of 1988), s. 48 (w.e.f. 1-4-1988). Sections 280A to 280D were subsequently inserted by Act 23 of 2012, s. 111 (w.e.f. 1-7-2012). [CHAPTER XXII-B TAX CREDIT CERTIFICATES].—Omitted by the Finance Act, 1990 (12 of 1990), s. 48 (w.e.f. 1-4-1990). [280Y. Definitions].—Omitted by s. 48, ibid. (w.e.f. 1-4-1990). [280Z. Tax credit certificates to certain equity shareholders].—Omitted by s. 48, ibid. (w.e.f. 1-4-1990). [280ZA. Tax credit certificates for shifting of industrial undertaking from urban area].— Omitted by the Finance Act, 1987 (11 of 1987), s. 70 (w.e.f. 1-4-1988). Original section was inserted by the Finance Act, 1965 (10 of 1965), s. 62 (w.e.f. 1-4-1965). [280ZB. Tax credit certificate to certain manufacturing companies in certain cases].—Omitted by the Finance Act, 1990 (12 of 1990), s. 48 (w.e.f. 1-4-1990). [280ZC. Tax credit certificate in relation to exports].—Omitted by s. 48, ibid. (w.e.f. 1-4-1990). [280ZD. Tax credit certificates in relation to increased production of certain goods].—Omitted by the s. 48, ibid. (w.e.f. 1-4-1990). [280ZE. Tax credit certificate scheme].—Omitted by s. 48, ibid. (w.e.f. 1-4-1990). 810 CHAPTER XXIII MISCELLANEOUS 1[281. Certain transfers to be void.—(1) Where, during the pendency of any proceeding under this Act or after the completion thereof, but before the service of notice under rule 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 2[Assessing Officer]. (2) This section applies to cases where the amount of tax or other sum payable or likely to be payable exceeds five thousand rupees and the assets charged or transferred 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 the assets aforesaid does not form part of the stock-in-trade of the business of the assessee.]

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