https://www.taxtmi.com/caselaws?id=292926 An income-tax assessment that has become final is not ordinarily open to re-examination in liquidation or insolvency proceedings merely because the company later enters winding up. The court distinguished an income-tax assessment from an ordinary judgment debt and treated the assessment as binding unless exceptional circumstances, such as fraud, justify interference. The absence of audited accounts or a later claim of loss was insufficient to displace the assessed liability, especially where the assessee had failed to file the required return and had not appealed the assessment order. The tax claim therefore remained a provable debt on the basis of the assessment. en-us Tue, 17 Dec 1940 00:00:00 +0530 Wed, 13 Jan 2021 11:18:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=292926 An income-tax assessment that has become final is not ordinarily open to re-examination in liquidation or insolvency proceedings merely because the company later enters winding up. The court distinguished an income-tax assessment from an ordinary judgment debt and treated the assessment as binding unless exceptional circumstances, such as fraud, justify interference. The absence of audited accounts or a later claim of loss was insufficient to displace the assessed liability, especially where the assessee had failed to file the required return and had not appealed the assessment order. The tax claim therefore remained a provable debt on the basis of the assessment. Case-Laws Companies Law Tue, 17 Dec 1940 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=292926