Transfer of assets during pendency of proceedings void

47 Transfer of assets during pendency of proceedings void Rule: Nil Form: Nil 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 proceedings; and (b) has paid the fair market value for the assets. ' fExplanation.— 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. ] 147A Liability under this Act to be the first charge |Rule: Nil Form: Nil Notwithstanding anything contained in any contract to the contrary, but subject to any provision regarding creation of first charge in any Central Act for the time being in force, any amount of tax, penalty, interest, composition money, sum forfeited, fine or any other sum payable by a dealer or any other person under this Act, shall be the first charge on the property of the dealer or, as the case may be, the person. | ' Section 47A inserted vide DVAT (Second Amendment) Act, 2005; No.F.14(29)/LA/ 2005/ 333, dated 16.11.2005 w.e.f. 16.11.2005. * Inserted vide DVAT (Second Amendment) Act, 2005; No.F.14(29)/LA/2005/333, dated 16.11.2005 w.e.f. 16.11.2005. 48 CHAPTER VII Accounts and Records