1984 (3) TMI 267

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....K.R. Menon for the Respondent. JUDGMENT Paripoornan, J. - The official liquidator, Palai Central Bank, has filed the above application. For the assessment years 1975-76 and 1976-77, the respondent (Income-tax Officer) effected assessments. Those were finally decided by the Appellate Tribunal. Notices of demand were served in pursuance thereto. The official liquidator remitted the amounts on ....

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....he years 1975-76 and 1976-77, under section 220(2) of the I.T. Act. Mr. C. M. Devan, advocate for the official liquidator, contended that the above proceedings for levy of interest under section 220(2) of the I.T. Act are unsustainable. Previous sanction of this court, enjoined by section 446 of the Companies Act, was not obtained. The banking company is being wound up. There should have been sanc....