https://www.taxtmi.com/caselaws?id=102114 The court declared that all expenses incurred by the liquidator in the winding up administration of the company, including audit fees, legal fees, rent, printing charges, and other miscellaneous expenses, are allowable expenses. The liquidator had faced disputes with the Income-tax Officer who only allowed 10% of interest income as admissible expenses for assessment, leading to unnecessary expenses. The court emphasized the need for clarity and specificity in treating expenses for each company under liquidation, allowing the liquidator to file separate reports and obtain separate orders if required. en-us Fri, 05 Jul 1991 00:00:00 +0530 Mon, 13 Feb 2012 17:08:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=102114 The court declared that all expenses incurred by the liquidator in the winding up administration of the company, including audit fees, legal fees, rent, printing charges, and other miscellaneous expenses, are allowable expenses. The liquidator had faced disputes with the Income-tax Officer who only allowed 10% of interest income as admissible expenses for assessment, leading to unnecessary expenses. The court emphasized the need for clarity and specificity in treating expenses for each company under liquidation, allowing the liquidator to file separate reports and obtain separate orders if required. Case-Laws Companies Law Fri, 05 Jul 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=102114