9911796707
TMI Blog1943 (6) TMI 6X X X X Extracts X X X X X X X X Extracts X X X X ..... ircumstances envisaged in the question are these. On the 22nd May 1935, Sir Douglas Young, Chief Justice, appointed Mr. Bhagwati Shankar, Advocate of the Allahabad High Court, as Official Liquidator of the Peoples Bank of Northern India, Limited, Lahore, which on that day had been directed to be wound up compulsorily by order of this Court. In the course of the order made by the learned Chief Justice in respect of his appointment, it was stated that Mr. Bhagwati Shankar shall be allowed ₹ 1,500 per mensem as the salary in his account besides the salaries of the staff and other necessary expenses which he may incur. On the 4th January 1937, Mr. Bhagwati Shankar presented an application in this Court praying that the scale of remun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der Section 11 of the old Act or Section 12, but in no circumstances can it be covered by Section 7. Reliance in this connection has been placed by the Commissioner on an English case, Davies v. Braithwaite. In my view, however, the opinion of the Commissioner is erroneous in law and cannot therefore be given effect to. The material portion of Section 7 of the Income Tax Act prior to its amendment ran as follows :- The tax shall be payable by an assessee under the head Salaries in respect of any salary or wages, any annuity, pension or gratuity, and any fees, commissions, perquisites or profits received by him in lieu of or in addition to, any salary or wages, which are paid by or on behalf of the Crown, a local authority, a company, o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cial receiver, to be called an official liquidator or official liquidators. In sub-section (3) of this section reference is made to the office of official liquidator. Under sub-section (1) of Section 176 of the same Act, an official liquidator can be removed by the Court on due cause shown. Sub-section (2) of this section provides for the filling up of any vacancy in the office of an official liquidator and sub section (3) enacts that - There shall be paid to the official liquidator such salary or remuneration, by way of percentage or otherwise, as the Court may direct; and, if more liquidators than one are appointed, such remuneration shall be distributed amongst them in such proportions as the Court direct. From the two sections of t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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