9911796707
TMI Blog2000 (11) TMI 18X X X X Extracts X X X X X X X X Extracts X X X X ..... ct under which it was taken over provided for compensation in a limited sum to be distributed to the classes of persons and in the order of priority provided in the schedule to the Act. The arrears of tax for the years prior to the date of nationalisation that is in 1986 is not an item for which first priority is given. That liability is not taken over by the Government or by the Corporation. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he instance of the company is therefore returned unanswered as that question has not been argued before us. So far as the reference made at the instance of the Revenue is concerned and which concerns the assessment year 1977-78, the question is as to whether the damages paid by the assessee under section 14B of the Employees' Provident Funds and Miscellaneous Provisions Act for the delayed paym ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t is for the authority under the Act to decide the extent to which it is compensatory. Having regard to the law laid down by the apex court, the order of the Tribunal in holding that the amount of damages paid is to be allowed as deduction even without examining the extent to which the same can be regarded as compensatory, is not an order which is in accordance with law. We, therefore, answe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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