https://www.taxtmi.com/caselaws?id=99183 The court held that Section 178 of the Income-tax Act, 1961, which requires setting aside funds for tax liabilities, overrides Section 530(1)(a) of the Companies Act, 1956, limiting preferential tax claims to amounts due within twelve months before liquidation. The judgment emphasized the comprehensive protection of tax dues under Section 178, directing the liquidator to pay off tax dues as notified by the Income-tax Officer, rejecting the limited interpretation of preferential claims. en-us Mon, 04 Mar 1974 00:00:00 +0530 Wed, 25 Jan 2012 14:56:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=99183 The court held that Section 178 of the Income-tax Act, 1961, which requires setting aside funds for tax liabilities, overrides Section 530(1)(a) of the Companies Act, 1956, limiting preferential tax claims to amounts due within twelve months before liquidation. The judgment emphasized the comprehensive protection of tax dues under Section 178, directing the liquidator to pay off tax dues as notified by the Income-tax Officer, rejecting the limited interpretation of preferential claims. Case-Laws Companies Law Mon, 04 Mar 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=99183