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2004 (7) TMI 22 - MADRAS HIGH COURTInnocent depositors, who invested their hard earned money with RPS Benefit Fund Limited, a financial company in liquidation - Tax Recovery Officer issued notice u/s 222 to recover tax from the appellants towards capital gain, out of the funds available with the official liquidator - Assuming the income-tax authorities are at liberty to recover the capital gains tax, they are at liberty to initiate appropriate action against the appellants herein in accordance with law against the properties already attached – But, in any event, we are convinced that the funds lying with the official liquidator are meant for the purpose of repayment to the innocent depositors and, therefore, the same cannot be made available to the income-tax authorities towards any liability of the appellants, much less the capital gains tax in question. - official liquidator is directed to disburse the entire amount with accrued interest thereon and whatever the funds available with him in this regard, directly to the depositors as per their entitlement
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