https://www.taxtmi.com/caselaws?id=67989 The Tribunal ruled in favor of the company under liquidation, holding that section 104 of the IT Act did not apply to companies undergoing liquidation. The decision emphasized that the official liquidator, acting under court supervision, assumes control over the company's operations during liquidation, distinguishing it from regular business operations. As a result, the official liquidator should be assessed as a representative assessee, separate from the company, for tax purposes. The Tribunal highlighted the distinct roles and powers of the liquidator in managing the company's affairs during the liquidation process, ultimately quashing the tax proceedings against the company. en-us Tue, 14 Jun 1988 00:00:00 +0530 Wed, 16 Mar 2011 12:18:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67989 The Tribunal ruled in favor of the company under liquidation, holding that section 104 of the IT Act did not apply to companies undergoing liquidation. The decision emphasized that the official liquidator, acting under court supervision, assumes control over the company's operations during liquidation, distinguishing it from regular business operations. As a result, the official liquidator should be assessed as a representative assessee, separate from the company, for tax purposes. The Tribunal highlighted the distinct roles and powers of the liquidator in managing the company's affairs during the liquidation process, ultimately quashing the tax proceedings against the company. Case-Laws Income Tax Tue, 14 Jun 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67989