https://www.taxtmi.com/caselaws?id=10810 The High Court dismissed the appeal, affirming that debts and liabilities must be related to obligations before the adjudication date to be provable in insolvency under section 46(3) of the Presidency Towns Insolvency Act. The court rejected a claim by the Tax Recovery Officer as it did not relate to pre-adjudication liabilities. Additionally, penalties under the Income-tax Act imposed post-adjudication were deemed non-provable debts. The judgment emphasized past legal precedents and concluded that the appellants lacked merit in challenging penalty liabilities incurred post-adjudication. en-us Fri, 14 Nov 2003 00:00:00 +0530 Sat, 25 Jul 2009 11:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10810 The High Court dismissed the appeal, affirming that debts and liabilities must be related to obligations before the adjudication date to be provable in insolvency under section 46(3) of the Presidency Towns Insolvency Act. The court rejected a claim by the Tax Recovery Officer as it did not relate to pre-adjudication liabilities. Additionally, penalties under the Income-tax Act imposed post-adjudication were deemed non-provable debts. The judgment emphasized past legal precedents and concluded that the appellants lacked merit in challenging penalty liabilities incurred post-adjudication. Case-Laws Income Tax Fri, 14 Nov 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10810