1984 (3) TMI 36 - HC - Income Tax

Summary

The High Court of Kerala ruled that the Income-tax Officer's levy of interest without court sanction under s. 446(2) of the Companies Act is illegal and unenforceable against the official liquidator of Palai Central Bank. The demand notices for interest were canceled, and the application was allowed with no costs. (Case: 1984 (3) TMI 36 - KERALA High Court, Judge: K. S. PARIPOORNAN)