https://www.taxtmi.com/caselaws?id=97584 The court held that it has jurisdiction under sub-section (2) of section 633 to grant relief against prospective liabilities, including penal proceedings. It interpreted the term "claim" in sub-section (2) to include both civil and penal proceedings. The court granted relief to the petitioners from any liability for fines or penalties due to their failure to file the balance-sheet and auditor's report for the year 1955-56, as the omission was not due to any dishonesty or deliberate delay but arose from a genuine conflict of opinion. The petition was made absolute, and each party was ordered to bear its own costs. en-us Wed, 30 Apr 1958 00:00:00 +0530 Wed, 12 Jan 2022 09:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97584 The court held that it has jurisdiction under sub-section (2) of section 633 to grant relief against prospective liabilities, including penal proceedings. It interpreted the term "claim" in sub-section (2) to include both civil and penal proceedings. The court granted relief to the petitioners from any liability for fines or penalties due to their failure to file the balance-sheet and auditor's report for the year 1955-56, as the omission was not due to any dishonesty or deliberate delay but arose from a genuine conflict of opinion. The petition was made absolute, and each party was ordered to bear its own costs. Case-Laws Companies Law Wed, 30 Apr 1958 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97584