https://www.taxtmi.com/caselaws?id=67654 The appeals of the assessee were allowed. The judgment emphasized that the Companies Act, 1956, and the Companies (Court) Rules, 1959, take precedence over the Income Tax Act, 1961, in the context of a company in liquidation. The charging of interest under Section 220(2) by the Income Tax Officer was deemed a mistake apparent from the record, leading to the conclusion that the interest charged should be rectified under Section 154 of the Income Tax Act. en-us Mon, 31 May 1976 00:00:00 +0530 Sat, 12 Mar 2011 11:38:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67654 The appeals of the assessee were allowed. The judgment emphasized that the Companies Act, 1956, and the Companies (Court) Rules, 1959, take precedence over the Income Tax Act, 1961, in the context of a company in liquidation. The charging of interest under Section 220(2) by the Income Tax Officer was deemed a mistake apparent from the record, leading to the conclusion that the interest charged should be rectified under Section 154 of the Income Tax Act. Case-Laws Income Tax Mon, 31 May 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67654