The tax assessment of Mr. Raghav was completed on 25-12-2023 and the tax due was determined as 28 lakhs. The assessee has the following: (i) Bank…

The assessee's movable or immovable property shall include any property which has been transferred, directly or indirectly by the assessee to his spouse or minor child or son's wife or son's minor child, otherwise than for adequate consideration, and which is held by, or stands in the name of any of the persons aforesaid. In the present case, Mr. Raghav had transferred his land 5 years ago to his son who was 40 years old at that time. He also gifted a diamond necklace to his son's wife on 5.10.2023. He also has bank fixed deposits, receivables from S & Co. Ltd. and residential apartment in Australia. The Tax Recovery Officer can proceed to recover the tax by attaching - (i) bank fixed deposits (ii) receivables from S & Co. Ltd. (iii) residential apartment in Australia He can also proceed to recover the tax by attaching the diamond necklace gifted to his son's wife. However, he cannot proceed to recover the tax by attaching the land which he transferred to his son, since at the time of transfer, his son was major.