Amendment status not verified — confirm the current text below against the official source.
(1) Where during the period commencing on the date of service of a notice of demand under clause (b) of sub-section (4) of section 46, section 48, sub-section (2) of section 50, or sub-section (1) of section 51 and ending on the date of service of notice by the authority competent to issue such notice under clause (a) or clause (b) of sub-section (1) of section 55, as [Le case may be, any dealer without having made full payment of tax, interest or penalty specified in such notice of demand as aforesaid, creates a charge on, or transfers or delivers possession (by way of sale, mortgage, gift, exchange or any other mode of transfer of right, title or interest) of, any of his immovable properties in favour of other person, such charge, transfer or delivery of possession shall be void as against any claim in respect of the amount of tax, interest or penalty due from such dealer: Provided that the provisions of this section shall not apply to a dealer unless— (a) the amount or the aggregate of the amounts specified in the notice as aforesaid as due from him for payment of tax, interest or penalty exceeds one lakh rupees, or (b) the value of the immovable property on which a charge is created, or which is transferred, or the,possession of which is delivered, by him exceeds five lakh rupees. (2) Notwithstanding anything contained in sub-section (1), no charge or transfer or delivery of possession of immovable property shall be void if it is made bona fide and for adequate consideration.