https://www.taxtmi.com/caselaws?id=7449 Income-tax arrears and penalty claims under a land-reform compensation scheme were examined by reference to the notified date and the accrual of liability. Creditors could not claim against interim payments, and compensation could be reached only for debts or penalties that had accrued before the notified date. Income-tax liability was treated as a present liability arising at least on the last day of the accounting year, not only on demand. The Government's priority for income-tax arrears over unsecured creditors was affirmed, while the status of the 1947-48 arrears as a personal debt or estate liability required fresh consideration. en-us Tue, 06 Aug 1968 00:00:00 +0530 Fri, 20 Feb 2009 11:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7449 Income-tax arrears and penalty claims under a land-reform compensation scheme were examined by reference to the notified date and the accrual of liability. Creditors could not claim against interim payments, and compensation could be reached only for debts or penalties that had accrued before the notified date. Income-tax liability was treated as a present liability arising at least on the last day of the accounting year, not only on demand. The Government's priority for income-tax arrears over unsecured creditors was affirmed, while the status of the 1947-48 arrears as a personal debt or estate liability required fresh consideration. Case-Laws Income Tax Tue, 06 Aug 1968 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7449