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1965 (4) TMI 52 - SC - Companies LawWhether section 49E is subject to the insolvency rules contained in the Companies Act? Held that:- Section 49E can be reconciled with sections 228 and 229 by holding that section 49E applies when insolvency rules do not apply. Accordingly, agreeing with the High Court, we hold that the Income-tax Officer was in error in applying section 49E and setting off the refund due. The Commissioner was equally in error in affirming this order. At any rate, there is an error apparent on the face of the orders and the High Court was quite right in exercising its jurisdiction under article 226. Appeal dismissed.
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