Prosecution under income tax law arises where liquidators fail to notify, set aside tax demands, or improperly dispose assets.

Prosecution under the Income Tax law applies where a company liquidator fails to notify the assessing officer of appointment within the prescribed period, fails to set aside amounts notified to meet a tax demand, or parts with company assets or properties before the notified amount is set aside or without prior approval of the prescribed tax authority; proceedings under this provision shall not be initiated on or after the stated cutoff date.

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