1992 (10) TMI 154

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....nts. [Order per : S.V. Maruthi, Member (J)]. -  This is an application for impleading the Official Liquidator. The brief facts are that the respondent M/s. Sri Krishna Rajendra Mills Ltd. were the manufacturers of cotton fabrics etc. They filed classification list and claimed exemption under Notification Nos. 252/82 and 80/82 and obtained approval of the same. A Show Cause Notice was is....

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....plication is filed for impleading me Official Liquidator under Rule 22 of CEGAT (Procedure) Rule, 1982. 2. When the Miscellaneous Petition came up for hearing a point was raised whether it is necessary to obtain the leave of the High Court which is taking up the winding up proceedings for impleading the Official Liquidator. On the above issue, the matter was adjourned. 3. Shri J.N. Nair, lea....

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....act that after the amount of tax payable by an assessee has been determined or quantified its realisation from a company in liquidation is governed by the Act because the income-tax payable also being a debt has to rank pari passu with other debts due from the company does not mean that the assessment proceedings for computing the amount of tax must be held to be such other legal proceedings as ca....

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....transfer the assessment proceedings to itself and assess the company to income-tax." 5. In other words, according to the Supreme Court Income-tax Act being a complete code with respect to the assessment and re-assessment of income tax and the realisation of tax after assessment is governed by the Act. Income tax payable being a debt has to rank pari passu with other debts due from the company d....