https://www.taxtmi.com/caselaws?id=106279 In voluntary winding-up proceedings under Section 518 of the Companies Act, 1956, the Court may determine the amount needed to meet income-tax liabilities before any distribution of remaining assets to shareholders. The petition sought quantification of tax payable, including tax on interest earned on fixed deposits, so that the company's assets could be repatriated after winding-up. On the revenue's affidavit, the Court accepted that admitted or possible tax dues had to be retained. The quantified tax amount was therefore required to be set aside, and only the balance could be distributed or remitted to shareholders. en-us Fri, 19 Apr 2002 00:00:00 +0530 Tue, 13 Mar 2012 15:23:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=106279 In voluntary winding-up proceedings under Section 518 of the Companies Act, 1956, the Court may determine the amount needed to meet income-tax liabilities before any distribution of remaining assets to shareholders. The petition sought quantification of tax payable, including tax on interest earned on fixed deposits, so that the company's assets could be repatriated after winding-up. On the revenue's affidavit, the Court accepted that admitted or possible tax dues had to be retained. The quantified tax amount was therefore required to be set aside, and only the balance could be distributed or remitted to shareholders. Case-Laws Companies Law Fri, 19 Apr 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=106279