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1972 (2) TMI 17 - RAJASTHAN HIGH COURTWinding-up of the company - advance tax - When business is carried on under section 457(1)(b) of the Companies Act for the beneficial winding-up of the company the payment of tax would be part of the costs and expenses of winding-up as per section 530(6) of the Companies Act - it is not necessary to anticipate the total income of the company for the assessment year in question on any hypothetical basis and that the Income-tax Officer should really wait until the close of the year and the filing of the return of income-tax by the company. I do not, however, think this argument can be upheld when the applicant only wants leave to proceed in the matter according to the law
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