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of <h1>Liquidators must notify tax officer within 30 days and set aside funds for tax liabilities under Section 178</h1> Section 178 of the Income Tax Act, 1961 governs liquidators of companies during winding up proceedings. Liquidators must notify the Assessing Officer within thirty days of appointment. The Assessing Officer then determines and notifies the amount needed to cover potential tax liabilities within three months. Liquidators cannot dispose of company assets without permission until notified of the required amount, and must subsequently set aside the specified sum. Failure to comply results in personal liability for the company's tax obligations. Multiple liquidators bear joint and several liability. The provision overrides other laws except the Insolvency and Bankruptcy Code, 2016.
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