https://www.taxtmi.com/caselaws?id=150847 The High Court, in a case concerning priority of sales tax arrears under section 530(1)(a) of the Companies Act, ruled against granting priority to arrears for assessment years 1954-55 to 1958-59 in a company's winding up. The Court held that taxes must be due and payable within twelve months preceding the winding up order to qualify for priority payment. It rejected the argument that sales tax arrears could be treated as land revenue for priority consideration, emphasizing the distinction between taxes and revenue under section 530. The appeal was dismissed, affirming the denial of priority for the specified assessment years. en-us Wed, 16 May 1973 00:00:00 +0530 Thu, 23 May 2013 14:57:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=150847 The High Court, in a case concerning priority of sales tax arrears under section 530(1)(a) of the Companies Act, ruled against granting priority to arrears for assessment years 1954-55 to 1958-59 in a company's winding up. The Court held that taxes must be due and payable within twelve months preceding the winding up order to qualify for priority payment. It rejected the argument that sales tax arrears could be treated as land revenue for priority consideration, emphasizing the distinction between taxes and revenue under section 530. The appeal was dismissed, affirming the denial of priority for the specified assessment years. Case-Laws VAT and Sales Tax Wed, 16 May 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=150847