https://www.taxtmi.com/caselaws?id=328582 Section 7 of the Presidency Towns Insolvency Act, 1909 gives the Insolvency Court broad authority to decide questions of law or fact arising in insolvency and to do complete justice in distribution of the insolvent's estate. On that basis, the court's control over distribution was treated as distinct from the assessing authority's duty to determine tax liabilities under the Income-tax Act, 1961. Section 178 was held not to govern waiver of interest, and the Official Assignee was not required to first approach the CBDT. The Insolvency Court itself can decide whether interest payable under the Income-tax Act may be waived. en-us Wed, 20 Apr 2016 00:00:00 +0530 Sat, 16 Jul 2016 11:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=328582 Section 7 of the Presidency Towns Insolvency Act, 1909 gives the Insolvency Court broad authority to decide questions of law or fact arising in insolvency and to do complete justice in distribution of the insolvent's estate. On that basis, the court's control over distribution was treated as distinct from the assessing authority's duty to determine tax liabilities under the Income-tax Act, 1961. Section 178 was held not to govern waiver of interest, and the Official Assignee was not required to first approach the CBDT. The Insolvency Court itself can decide whether interest payable under the Income-tax Act may be waived. Case-Laws Income Tax Wed, 20 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=328582