The Wealth-tax Act, 1957

Chapter VIII — MISCELLANEOUS [34B. Transfers to defraud revenue 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 to the Income-tax Act as made applicable to this Act by section 32, any assessee creates a charge on, or parts with (by way of sale, mortgage, gift, exchange or any other mode of transfer whatsoever) the possession 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:

Section 35KBar on prosecution and on inadmissibility of evidence in certain circumstances

Read in the full Act

Section 35K: Bar on prosecution and on inadmissibility of evidence in certain circumstances

35K. Bar on prosecution and on inadmissibility of evidence in certain circumstances

(1)

A person shall not be proceeded against for an offence under section 35A or section 35D in relation to the assessment for [an assessment year] in respect of which the penalty imposed or imposable on him under clause (iii) of sub-section (1) of section 18 has been reduced or waived by an order under section 18B.

(2)

Where any proceeding for prosecution has been taken against any person under this Act, any statement made or account or other document produced by such person before [any Wealth-tax authority (not being an Inspector of Income-tax)] shall not be inadmissible as evidence for the purpose of such proceedings merely on the ground that such statement was made or such account or other document was produced in the belief that the penalty imposable would be reduced or waived under section 18B or that the offence in respect of which such proceeding was taken would be compounded.