https://www.taxtmi.com/caselaws?id=12204 A company under a winding-up order continues as a legal person until dissolution, so it remains within the charge to wealth-tax unless the statute expressly excludes it. The making of the winding-up order does not divest ownership of assets or prevent the existence of surplus after liabilities, and the absence of a provision like section 178 of the Income-tax Act does not remove the tax liability. The assessing authority was entitled to assess net wealth on the basis of the return and accepted liabilities without first rechecking the books to prove that assets exceeded liabilities. en-us Wed, 04 Sep 2002 00:00:00 +0530 Fri, 19 Feb 2010 12:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12204 A company under a winding-up order continues as a legal person until dissolution, so it remains within the charge to wealth-tax unless the statute expressly excludes it. The making of the winding-up order does not divest ownership of assets or prevent the existence of surplus after liabilities, and the absence of a provision like section 178 of the Income-tax Act does not remove the tax liability. The assessing authority was entitled to assess net wealth on the basis of the return and accepted liabilities without first rechecking the books to prove that assets exceeded liabilities. Case-Laws Income Tax Wed, 04 Sep 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12204