https://www.taxtmi.com/acts?id=2909 A liquidator must notify the Commissioner within one month of appointment; the Commissioner will notify, after enquiries, an amount sufficient to cover tax, interest and penalty. The liquidator must not part with company assets until he sets aside the notified amount, subject to limited exceptions. Failure to notify, to set aside the amount, or impermissible disposition renders the liquidator personally liable for the company's tax and penalty, with liability limited to any amount notified; multiple liquidators are jointly and severally liable. Directors of private companies are jointly and severally liable for unrecoverable tax unless they prove absence of gross neglect, misfeasance or breach of duty. en-us Sat, 19 Jan 2008 22:45:54 +0530 Sat, 14 Jul 2012 13:03:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=2909 A liquidator must notify the Commissioner within one month of appointment; the Commissioner will notify, after enquiries, an amount sufficient to cover tax, interest and penalty. The liquidator must not part with company assets until he sets aside the notified amount, subject to limited exceptions. Failure to notify, to set aside the amount, or impermissible disposition renders the liquidator personally liable for the company's tax and penalty, with liability limited to any amount notified; multiple liquidators are jointly and severally liable. Directors of private companies are jointly and severally liable for unrecoverable tax unless they prove absence of gross neglect, misfeasance or breach of duty. Act-Rules VAT - Delhi Sat, 19 Jan 2008 22:45:54 +0530 https://www.taxtmi.com/acts?id=2909