https://www.taxtmi.com/caselaws?id=251067 The court held that the demand notice issued by the assessing authority under the Income Tax Act was valid. Income tax dues were given priority over other claims in the case of liquidation. The arrangement for direct payment of EMIs between parties was deemed impermissible once the company entered liquidation proceedings. The funds held by the respondent during liquidation were directed to be transferred to the company under liquidation for settlement of all claims as per the priorities outlined in the Companies Act within three months. The court disposed of the petitions without costs. en-us Tue, 15 Jul 2014 00:00:00 +0530 Wed, 03 Sep 2014 10:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=251067 The court held that the demand notice issued by the assessing authority under the Income Tax Act was valid. Income tax dues were given priority over other claims in the case of liquidation. The arrangement for direct payment of EMIs between parties was deemed impermissible once the company entered liquidation proceedings. The funds held by the respondent during liquidation were directed to be transferred to the company under liquidation for settlement of all claims as per the priorities outlined in the Companies Act within three months. The court disposed of the petitions without costs. Case-Laws Income Tax Tue, 15 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=251067