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TMI Blog2004 (7) TMI 348X X X X Extracts X X X X X X X X Extracts X X X X ..... official liquidator. The relevant provisions in the Wealth-tax Act (27 of 1957) pertaining to the case on hand are sections 30 and 31 run as follows : "30. Notice of demand. When any tax, interest, penalty, fine or any other sum is payable in consequence of any order passed under this Act, the Assessing Officer shall serve upon the assessee a notice of demand in the prescribed form specifying the sum so payable. 31. When tax, etc., payable and when assessee deemed in default (1) Any amount specified as payable in a notice of demand under section 30 shall be paid within thirty days of the service of the notice at the place and to the person mentioned in the notice: Provided that, where the Assessing Officer has any reason to belie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or was payable under the said sub-section was due to circumstances beyond the control of the assessee; and ( iii )the assessee has co-operated in any inquiry relating to the assessment or any proceeding for the recovery of any amount due from him. (3)Without prejudice to the provisions contained in sub-section (2), on an application made by the assessee before the expiry of the due date under sub-section (1), the Assessing Officer may extend the time for payment or allow payment by installments, subject to such conditions as he may think fit to impose in the circumstance of the case. (4)If the amount is not paid within the time limited under sub-section (1) or extended under sub-section (3), as the case may be, at the place and to th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nterest relating to income-tax, this court passed an order dated October 4, 2002, in the above Company Petition No. 11 of 1978 (since reported in [2002] 112 Comp. Cas. 552 (Mad), wherein in para. No. 16, it was held thus (page 556): "All the above decisions clearly show the power of the company court under section 446(2)( b ) of the Companies Act, 1956, which overrides any other law more particularly section 220(2) of the Income-tax Act, 1961. The only restriction is that the court has to satisfy on the facts a particular case that the claim for statutory interest under the Income-tax Act would amount to hardship, cause grave miscarriage and injury to the contributories. I have already referred to the particulars furnished by the applican ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any order passed under this Act, the Assessing Officer shall serve upon the assessee a notice of demand in the prescribed form specifying the sum so payable. 220 When tax payable and when assessee deemed in default (1) Any amount, otherwise than by way of advance tax, specified as payable in a notice of demand under section 156 shall be paid within thirty days of the service of the notice at the place and to the person mentioned in the notice; (2)If the amount specified in any notice of demand under section 156 is not paid within the period limited under sub-section (1), the assessee shall be liable to pay simple interest at one and one-half per cent, for every month or part of a month comprised in the period commencing from the day i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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