https://www.taxtmi.com/caselaws?id=97791 Whether a tax authority may effect statutory set-off of an assessed refund against a tax demand proved and admitted as an ordinary unsecured claim in a company liquidation: the article explains that once a departmental demand is adjudicated and certified in liquidation it acquires the character and incidents of an unsecured debt under company and insolvency law, displacing pre-existing recovery remedies; permitting set-off under section 49E would confer preferential satisfaction contrary to the liquidation distribution scheme; outcome: set-off under section 49E is not available against a proved unsecured claim, and the refund must be dealt with under section 48 with the prior set-off orders quashed. en-us Wed, 22 Feb 1961 00:00:00 +0530 Wed, 18 Jan 2012 11:06:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97791 Whether a tax authority may effect statutory set-off of an assessed refund against a tax demand proved and admitted as an ordinary unsecured claim in a company liquidation: the article explains that once a departmental demand is adjudicated and certified in liquidation it acquires the character and incidents of an unsecured debt under company and insolvency law, displacing pre-existing recovery remedies; permitting set-off under section 49E would confer preferential satisfaction contrary to the liquidation distribution scheme; outcome: set-off under section 49E is not available against a proved unsecured claim, and the refund must be dealt with under section 48 with the prior set-off orders quashed. Case-Laws Companies Law Wed, 22 Feb 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97791