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Section 220 in The Income Tax Act, 1961 [Entire Act]
In The Matter Of: National Conduits (P) ... vs The Official Liquidator, New Delhi Of ... on 24 September, 1973
In the case of ITO v. Official Liquidator [1986] 59 Comp Cas 514 (Ker), the dispute related to the claim for interest under Section 220(2) of the Income-tax Act. After analysing the provisions from the Companies Act and the Income-tax Act, the court held (headnote) :
Section 156 in The Income Tax Act, 1961 [Entire Act]
S. Anthony Raj And Another vs A. Shanmugam And Others on 2 December, 1993
9. Before going into various decisions cited by Mr. M.K. Kabir, learned counsel for the petitioner, it is also relevant to note that tax is due, and interest for the tax amount from the assessment year 1972-73 onwards. Section 156 of the Income-tax Act, 1961, speaks about notice of demand and Section 220 speaks about when tax is payable and when the assessee is deemed in default. A Division Bench of this court in the case of S. Anthony Raj v. A. Shanmugam [1994] 80 Comp Cas 531 has held that interest awarded by the single judge at the rate of 12 per cent. was contrary to rule 156 of the Companies (Court) Rules, 1959, which puts a ceiling of 4 per cent. on the rate of interest payable on debts by the company.
Commissioner Of Income-Tax (Central) ... vs Official Liquidator, Golcha ... on 10 April, 1973
In the case of CIT (Central), New Delhi v. Official Liquidator, Golcha Properties (Pvt.) Ltd. (In Liquidation) [1974] 44 Comp Cas 445, the Division Bench of the Rajasthan High Court after referring to the provisions relating to winding up of a company in the Companies Act and its tax liability under the Income-tax Act held that, if the proceedings to be taken by the liquidator under Section 178(3) of the Income-tax Act are taken out of the control and overall supervision of the company judge under Section 446 of the Companies Act, then it would defeat the entire scheme of the Companies Act about the disbursement of the company's assets during the winding up proceedings.
S.V. Kondaskar, Official Liquidator ... vs V.M. Deshpande, Income-Tax Officer, ... on 4 January, 1972
In the case of S.V. Kondaskar, Official Liquidator, and Liquidator of the Colaba Land and Mills Co. Ltd. v. V. M. Deshpande, Income-tax Officer, Companies Circle 1(8), Bombay [1972] 42 Comp Cas 168, the Constitution Bench of the Supreme Court has held that the liquidation court would have full power to scrutinise the claim of the Revenue after income-tax has been determined and its payment demanded from the liquidator. They further held that it would be open to the liquidation court then to decide how far under the law the amount of income-tax determined by the Department should be accepted as a lawful liability on the funds of the company in liquidation. They further observed that, at that stage the winding up court can fully safeguard the interest of the company and its creditors.
Section 446 in The Companies Act, 1956 [Entire Act]
Section 221 in The Income Tax Act, 1961 [Entire Act]
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