TaxTMI 
TaxTMI 
2004 (7) TMI 349
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....the petition dated 23-5-2003 made before the respondent by the Official Liquidator. 2. The relevant provisions in Wealth-tax Act (27 of 1957) pertaining to the case on hand in sections 30 and 31 runs as follows : "30. Notice of demand.-When any tax, interest, penalty, fine or any other sum is payable in consequence of any order passed under this Act, the Assessing Officer shall serve upon the assessee a notice of demand in the prescribed Form specifying the sum so payable. 31. When tax, etc., payable and when assessee deemed in default.-(1) Any amount specified as payable in a notice of demand under section 30 shall be paid within thirty days of the service of the notice at the place and to the person mentioned in the notice : P....
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.... (ii)default in the payment of the amount on which interest has been paid or was payable under the said sub-section was due to circumstances beyond the control of the assessee; and (iii)the assessee has co-operated in any enquiry relating to the assessment or any proceeding for the recovery of any amount due from him. (3) Without prejudice to the provisions contained in sub-section (2), on an application made by the assessee before the expiry of the due date under sub-section (1), the Assessing Officer may extend the time for payment or allow payment by instalments, subject to such conditions as he may think fit to impose in the circumstances of the case. (4) If the amount is not paid within the time limit under sub-section (1) o....
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....ught to my notice that in earlier occasion, in respect of waiver of interest relating to income-tax, this Court passed an order dated 4-10-2002 in the above Company Petition No. 11 of 1978 - Catholic Centre v. Pilot Pen Co. (India) (P.) Ltd. (In Liquidation) [2004] 4 Comp. LJ 565 (Mad.), wherein in paragraph No. 16, it was held thus : "16.All the above decisions clearly show the power of the Company Court under section 446(2)(b) of the Companies Act, 1956 which overrides any other law; more particularly, section 220(2) of the Income-tax Act, 1961. The only restriction is that the Court has to satisfy on the facts of a particular case that the claim for statutory interest under the Income-tax Act would amount to hardship, cause grave misc....
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....ct, which is as follows : "156. Notice of demand.-When any tax, interest, penalty, fine or any other sum is payable in consequence of any order passed under this Act, the Assessing Officer shall serve upon the assessee a notice of demand in the prescribed form specifying the sum so payable. 220. When tax payable and when assessee deemed in default.-(1) Any amount, otherwise than by way of advance tax, specified as payable in a notice of demand under section 156 shall be paid within thirty days of the service of the notice at the place and to the person mentioned in the notice: ****** (2) If the amount specified in any notice of demand under section 156 is not paid within the period limited under sub-section (1), the assessee sha....