https://www.taxtmi.com/caselaws?id=26972 The appeal was dismissed with costs, affirming that the provisions of section 220 of the Income-tax Act do not apply to a company in liquidation governed by the Companies Act. The court held that the claim for interest under section 220(2) of the Income-tax Act cannot be recognized in such circumstances, as it is in conflict with the provisions and scheme of the Companies Act regarding companies in liquidation. The Department was treated as an unsecured creditor in the liquidation proceedings, subject to the jurisdiction of the liquidator and the company court, with no priority under section 530 of the Companies Act for the tax arrears and interest claims. en-us Wed, 29 Jan 1986 00:00:00 +0530 Tue, 09 Feb 2010 17:53:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26972 The appeal was dismissed with costs, affirming that the provisions of section 220 of the Income-tax Act do not apply to a company in liquidation governed by the Companies Act. The court held that the claim for interest under section 220(2) of the Income-tax Act cannot be recognized in such circumstances, as it is in conflict with the provisions and scheme of the Companies Act regarding companies in liquidation. The Department was treated as an unsecured creditor in the liquidation proceedings, subject to the jurisdiction of the liquidator and the company court, with no priority under section 530 of the Companies Act for the tax arrears and interest claims. Case-Laws Income Tax Wed, 29 Jan 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26972