https://www.taxtmi.com/caselaws?id=97972 A notice under section 46(5A) operates to create an enforceable statutory right for the revenue to require payment of sums due to a defaulting assessee, permitting the Income tax Officer to prove that sum as a debt in the company's liquidation; claims by or on behalf of the Central Government benefit from the extended limitation period and were not time barred. However, a statutory claim based on attachment or recovery of amounts due to a third party does not convert the company's underlying liability into a tax for purposes of preferential payment under the Companies Act, so the claim remains an ordinary unsecured debt. en-us Fri, 07 Sep 1962 00:00:00 +0530 Tue, 25 Apr 2017 15:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97972 A notice under section 46(5A) operates to create an enforceable statutory right for the revenue to require payment of sums due to a defaulting assessee, permitting the Income tax Officer to prove that sum as a debt in the company's liquidation; claims by or on behalf of the Central Government benefit from the extended limitation period and were not time barred. However, a statutory claim based on attachment or recovery of amounts due to a third party does not convert the company's underlying liability into a tax for purposes of preferential payment under the Companies Act, so the claim remains an ordinary unsecured debt. Case-Laws Companies Law Fri, 07 Sep 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97972