https://www.taxtmi.com/caselaws?id=99974 The High Court held that income from interest on deposits and Government securities for a company in voluntary winding up should be considered revenue, not capital receipts. The Court disagreed with the Tribunal's interpretation that such income falls under capital receipts due to the Companies Act provisions. The Commissioner was justified in deeming the assessment order erroneous and prejudicial to Revenue's interests, leading to the Court rejecting the Tribunal's cancellation of the order under section 263. The judgment underscores the importance of accurate tax assessments, even in distinctive situations like voluntary winding up of a company. en-us Thu, 15 Apr 1982 00:00:00 +0530 Mon, 30 Jan 2012 17:48:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=99974 The High Court held that income from interest on deposits and Government securities for a company in voluntary winding up should be considered revenue, not capital receipts. The Court disagreed with the Tribunal's interpretation that such income falls under capital receipts due to the Companies Act provisions. The Commissioner was justified in deeming the assessment order erroneous and prejudicial to Revenue's interests, leading to the Court rejecting the Tribunal's cancellation of the order under section 263. The judgment underscores the importance of accurate tax assessments, even in distinctive situations like voluntary winding up of a company. Case-Laws Companies Law Thu, 15 Apr 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=99974