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of <h1>Finance Act 1965: Liquidators Must Reserve Funds Before Asset Disposal Under Amended Section 178 of Income Tax Act.</h1> In the Finance Act of 1965, Section 178 of the Income Tax Act is amended to revise subsections (3) and (4). The liquidator is prohibited from disposing of company assets without the Commissioner's permission until notified by the Income Tax Officer. Upon notification, the liquidator must reserve the specified amount and cannot dispose of assets until this is done, except for tax payments, secured creditor payments, or reasonable winding-up costs. If the liquidator fails to comply with these requirements, they are personally liable for the company's tax obligations, limited to the amount specified in the notification.
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