https://www.taxtmi.com/caselaws?id=102685 Priority under section 11 of the Special Court Act is fixed with reference to liabilities existing on the date of notification, because the statute requires a common crystallisation point for claims and not a later date of distribution. The term "taxes" does not extend to penalty or interest, as those liabilities remain conceptually distinct and the Act gives priority only to revenue, taxes, cesses and rates. Post-notification penalty or interest cannot be levied where the Act itself prevents performance of the underlying obligation, but liability may continue where no such legal disability exists. en-us Mon, 20 Feb 1995 00:00:00 +0530 Wed, 15 Feb 2012 17:11:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=102685 Priority under section 11 of the Special Court Act is fixed with reference to liabilities existing on the date of notification, because the statute requires a common crystallisation point for claims and not a later date of distribution. The term "taxes" does not extend to penalty or interest, as those liabilities remain conceptually distinct and the Act gives priority only to revenue, taxes, cesses and rates. Post-notification penalty or interest cannot be levied where the Act itself prevents performance of the underlying obligation, but liability may continue where no such legal disability exists. Case-Laws Companies Law Mon, 20 Feb 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=102685