https://www.taxtmi.com/caselaws?id=10860 The court granted the application filed by the official liquidator seeking the waiver of the penalty imposed on wealth-tax under section 31(2) of the Wealth-tax Act. It emphasized the authority of the court to waive interest and penal interest under section 446(2)(b) of the Companies Act, 1956, based on specific circumstances and hardship faced by the assessee. The court directed the official liquidator to pay the tax component within a specified period, holding the company liable for the tax payment while waiving the interest component. The court closed the application without costs, ensuring the fulfillment of tax obligations. en-us Tue, 06 Jul 2004 00:00:00 +0530 Sun, 26 Jul 2009 17:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10860 The court granted the application filed by the official liquidator seeking the waiver of the penalty imposed on wealth-tax under section 31(2) of the Wealth-tax Act. It emphasized the authority of the court to waive interest and penal interest under section 446(2)(b) of the Companies Act, 1956, based on specific circumstances and hardship faced by the assessee. The court directed the official liquidator to pay the tax component within a specified period, holding the company liable for the tax payment while waiving the interest component. The court closed the application without costs, ensuring the fulfillment of tax obligations. Case-Laws Wealth-tax Tue, 06 Jul 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10860