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2017 (9) TMI 479 - PUNJAB AND HARYANA HIGH COURTDetermination of Capital Gains - Company under liquidation - The grievance is that the learned Judge has held that the Company Court cannot determine the liabilities under the Income Tax Act. The learned Judge for instance observed that the said satisfaction of the statutory liability would arise once the proceedings before the competent authority are determined and the Company Court cannot take upon itself the role of the competent authorities under a statute to establish a liability which has its genesis in the process initiated by the another authority. Held That:- The views are by no means conclusive. They are only tentative and rightly so as the order is passed only at the interim stage. The proceedings before the Company Court and before the authorities are pending. They may proceed. The issue whether the findings in the assessment proceedings bind the Company Court or the Official Liquidator or not can be decided subsequently. If the answer is in the negative the assessment order as finally determined would bind the Official Liquidator. If not the Company Court or the Official Liquidator, as the case may be, may go into the issue. If the Company is for any reason not wound up the parties would be left to their remedies in accordance with law.proceedings. All the appeals are accordingly disposed of. All the contentions of the parties including as to whether it is open to the Company Court/Liquidator to question the findings of the authorities under the Income Tax Act are kept open.
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