However, 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 Assessing Officer.
Threshold limit: This section applies to cases where the amount of tax or other sum payable or likely to be payable exceeds Rs 5,000 and the assets charged or transferred exceed Rs 10,000 in value.
Note: “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.