AO to release registered sale deed as assessee was bonafidely purchased property after long-drawn litigation: HC

INCOME TAX : Section 281 of the Income Tax Act, 1961 applies only to a situation where an assessee during pendency of any proceeding under Act, or after completion thereof, but before service of a notice under Rule 2 of Second Schedule, creates a charge on, or parts with possession (by way of sale, mortgage, gift, exchange or any other mode of transfer whatsoever) of, any of his/her assets in favour of any other person.

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