https://www.taxtmi.com/caselaws?id=109270 The court ruled in favor of the official liquidator, granting a waiver of the penalty imposed by the respondent under section 31(2) of the Wealth-tax Act. The court emphasized the authority to waive interest and penal interest in cases of genuine hardship or where statutory interest would cause hardship. It highlighted the official liquidator's obligations under the Companies Act to prioritize certain debts and discharge them accordingly. The court found the respondent's claim for interest unsustainable in law and directed the official liquidator to pay the wealth-tax liability within two weeks, closing the connected Company Application without costs. en-us Tue, 06 Jul 2004 00:00:00 +0530 Sat, 07 Apr 2012 12:03:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=109270 The court ruled in favor of the official liquidator, granting a waiver of the penalty imposed by the respondent under section 31(2) of the Wealth-tax Act. The court emphasized the authority to waive interest and penal interest in cases of genuine hardship or where statutory interest would cause hardship. It highlighted the official liquidator's obligations under the Companies Act to prioritize certain debts and discharge them accordingly. The court found the respondent's claim for interest unsustainable in law and directed the official liquidator to pay the wealth-tax liability within two weeks, closing the connected Company Application without costs. Case-Laws Companies Law Tue, 06 Jul 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=109270