MESSRS MA.S. STEELS LTD. versus THE STATE
Companies Act 1913 Sections 230 and 162 Termination of Company Preferred Payment The Income Tax Department did not even assume the responsibility of the Company on the preferential payments to the Company's secured creditors and was payable at the time of tax deduction. Could not be Company order passed, Income Tax Department, held, cannot be paid on a preferential basis under section 230; Companies Act, 1913 can only repay debts due to the termination of government order and within twelve months Payment can be made before such date
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