https://www.taxtmi.com/caselaws?id=12174 The court, after considering the detailed analysis of tax liabilities, legal precedents, and the specific circumstances of the case, concludes that the claim for interest/penal interest by income-tax authorities should not be allowed. It asserts its power to waive interest under the Companies Act, permitting the official liquidator to remit the admitted liability excluding interest and penal interest in respect of income-tax liability of the company under liquidation. The decision aims to ensure fairness and justice in the liquidation process by disallowing the interest and penal interest claimed by the income-tax authorities. en-us Fri, 04 Oct 2002 00:00:00 +0530 Thu, 18 Feb 2010 16:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12174 The court, after considering the detailed analysis of tax liabilities, legal precedents, and the specific circumstances of the case, concludes that the claim for interest/penal interest by income-tax authorities should not be allowed. It asserts its power to waive interest under the Companies Act, permitting the official liquidator to remit the admitted liability excluding interest and penal interest in respect of income-tax liability of the company under liquidation. The decision aims to ensure fairness and justice in the liquidation process by disallowing the interest and penal interest claimed by the income-tax authorities. Case-Laws Income Tax Fri, 04 Oct 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12174