( 1 ) THIS appeal is directed against the judgment and order dated April 16, 1980--See [1981] 51 Comp Cas 572 ; 130 ITR 790 (Cal) passed by Salil K. Roy Chowdhury J. , in an application made on behalf of a company (in liquidation ). The said company,haralal Harendra Lal Roy Estate Limited was a solvent company and, as pointed out by the learned trial judge, became insolvent due to laches of succeeding official liquidators in payment of income-tax dues by the company (in liquidation) when the demands were raised for the same. The entire income-tax dues of the company for the asesssment years 1956-57 to 1976-77 have been paid. But the interest for the delayed payment of the said income-tax liabilities was prayed to be condoned by the income-tax authority for the above-mentioned assessment years under Section 446 (2) of the Companies Act, 1956.

( 2 ) THE company held a large number of immovable properties, particularly house properties in Calcutta, which fetched by way of monthly rent a considerable sum of money. In the beginning, Mr. S. N. Bhattacharyya, since deceased, was appointed official liquidator of the company. By a subsequent order, the official receiver