Assets in favour of any other person with the intention to defraud Revenue, such Charge or Transfer shall be void, as against any claim in respect of any tax or any other sum payable by such person, as a result of completion of the said proceeding.

Period of limitation for Recovery of Tax — Notwithstanding anything contained in any law for the time being in force, no proceeding for recovery of any amount under sub-Section (7) and (8) of Section 43 and sub-Section (6) of Section 47 shall be initiated after the expiry of twelve years from the date of the relevant assessment.