https://www.taxtmi.com/caselaws?id=23684 The court held that income-tax claims do not have priority over the claims of secured creditors and workmen in liquidation proceedings. Secured creditors, like Canara Bank, have precedence in the distribution of sale proceeds of a company's assets. The court directed the official liquidator to declare further dividends to the workmen and Canara Bank under section 529A of the Companies Act, utilizing amounts provisionally set aside for capital gains tax. Canara Bank was also instructed to be reimbursed for advanced amounts and expenses. en-us Tue, 07 Nov 1989 00:00:00 +0530 Wed, 23 Dec 2009 12:02:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23684 The court held that income-tax claims do not have priority over the claims of secured creditors and workmen in liquidation proceedings. Secured creditors, like Canara Bank, have precedence in the distribution of sale proceeds of a company's assets. The court directed the official liquidator to declare further dividends to the workmen and Canara Bank under section 529A of the Companies Act, utilizing amounts provisionally set aside for capital gains tax. Canara Bank was also instructed to be reimbursed for advanced amounts and expenses. Case-Laws Income Tax Tue, 07 Nov 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23684