https://www.taxtmi.com/caselaws?id=39481 Priority under section 530(1)(a) of the Companies Act is confined to taxes and cesses that became presently due and payable within the twelve months before the relevant date, meaning assessed liabilities enforceable on that date and not merely contingent amounts. Income-tax and sales tax claims qualified only where assessment and demand fell within that period; claims arising later, or outside the statutory look-back, ranked as ordinary debts in liquidation. Penalty claims were disallowed because they were sought without proper regard to the winding-up framework and the constraints on the liquidator. The matter was remitted for fresh disposal in line with these principles. en-us Wed, 15 Oct 1975 00:00:00 +0530 Fri, 16 Apr 2010 16:50:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39481 Priority under section 530(1)(a) of the Companies Act is confined to taxes and cesses that became presently due and payable within the twelve months before the relevant date, meaning assessed liabilities enforceable on that date and not merely contingent amounts. Income-tax and sales tax claims qualified only where assessment and demand fell within that period; claims arising later, or outside the statutory look-back, ranked as ordinary debts in liquidation. Penalty claims were disallowed because they were sought without proper regard to the winding-up framework and the constraints on the liquidator. The matter was remitted for fresh disposal in line with these principles. Case-Laws Income Tax Wed, 15 Oct 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39481