https://www.taxtmi.com/caselaws?id=98089 A government guarantee commission claim against a company was enforceable only to the extent supported by company-level acceptance and accounting evidence up to 30 June 1956; later amounts lacked proof of formal acceptance, communication, or accounting acknowledgment and were not recoverable. A liability recoverable under a State aid statute as if it were arrears of land revenue does not, by that fiction alone, become land revenue or revenue due to Government for preferential ranking in liquidation. The admitted debt therefore ranked only as an ordinary unsecured claim, and preferential payment under the Companies Act was unavailable. en-us Tue, 12 Feb 1963 00:00:00 +0530 Thu, 19 Jan 2012 11:47:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=98089 A government guarantee commission claim against a company was enforceable only to the extent supported by company-level acceptance and accounting evidence up to 30 June 1956; later amounts lacked proof of formal acceptance, communication, or accounting acknowledgment and were not recoverable. A liability recoverable under a State aid statute as if it were arrears of land revenue does not, by that fiction alone, become land revenue or revenue due to Government for preferential ranking in liquidation. The admitted debt therefore ranked only as an ordinary unsecured claim, and preferential payment under the Companies Act was unavailable. Case-Laws Companies Law Tue, 12 Feb 1963 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=98089