2001 (4) TMI 823

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....  K. Moni for the Official Liquidator. M.P.R. Menon for the Income-tax Department. ORDER 1. By these three reports, the Official Liquidator has sought directions as regards the liability for capital gains tax as regards sales of properties of the companies under liquidation, effected by the Official Liquidator. He has also sought directions for payment of advance tax. 2. Notice ha....

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.... 4. To me, it appears that capital gains is part of the incidence of the sale effected by the Official Liquidator of the property belonging to the company just like a liability for stamp duty, registration charges or the like. It is not a debt due by the company as on the date of commencement of winding up or the order for winding up. The decision of the Division Bench cited above is also a bindi....