2001 (4) TMI 823 - HC - Companies Law

Summary

The High Court of Kerala addressed the liability for capital gains tax in the sale of properties by the Official Liquidator. A Division Bench decision stated that capital gains tax is part of winding up expenses and must be paid on a preferential basis. However, a Single Judge in a different case distinguished this and considered the claims of workmen and secured creditors. The matter was referred to a Division Bench for a final decision.