TaxTMI 
TaxTMI 
1991 (7) TMI 42
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.... is incurring such expenses in respect of the work of other companies also. For the assessment year 1982-83, the liquidator filed a return of income showing a total income of Rs. 15,820. The only income is the interest earned on the funds invested in fixed deposits. The Income-tax Officer allowed only 10% of the interest receipts as deduction under section 57(iii) of the Income-tax Act and complet....
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....ssioner of Income-tax (Appeals) granted substantial relief. But the appeal preferred by the liquidator before the Appellate Tribunal is pending orders. In connection with these income-tax assessments, the liquidator had engaged the services of Shri R. Krishna Iyer, Chartered Accountant, Ernakulam, and had incurred expenses by way of fees, etc. Even though in the assessment year 1982-83, the Commi....
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....or income is the interest earned on investments made as provided under rule 293 of the Companies(Court) Rules. The liquidator will have to comply with various orders passed by this court for realising the debts due to the company by filing cases, engaging counsel and also by deputing staff for conducting enquiries. He has also to obtain legal assistance and appoint additional staff as provided und....
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....t has become necessary for this court to give a declaration to the effect that these expenses are expenses in the winding up administration of the company. Under these circumstances, it is declared that all the expenses incurred by the liquidator in respect of Wandoor Jupiter Chits (Pvt.) Ltd. (in liquidation) (this report is treated as a report in respect of that company alone), viz., cost of re....