https://www.taxtmi.com/acts?id=45871 The amendment requires the liquidator to refrain from parting with company assets without the Commissioner's leave until notified by the Income-tax Officer; on notification the liquidator must set aside an amount equal to the notified tax and not dispose of assets until so set aside, subject to a proviso permitting payment of the company's tax, priority secured creditors, and reasonable winding-up costs. Failure to notify, to set aside, or improper disposition renders the liquidator personally liable for the company's tax, limited to the amount notified. en-us Wed, 04 Dec 2024 17:49:41 +0530 Wed, 04 Dec 2024 17:49:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=45871 The amendment requires the liquidator to refrain from parting with company assets without the Commissioner's leave until notified by the Income-tax Officer; on notification the liquidator must set aside an amount equal to the notified tax and not dispose of assets until so set aside, subject to a proviso permitting payment of the company's tax, priority secured creditors, and reasonable winding-up costs. Failure to notify, to set aside, or improper disposition renders the liquidator personally liable for the company's tax, limited to the amount notified. Act-Rules F. Acts / Amendment Acts Wed, 04 Dec 2024 17:49:41 +0530 https://www.taxtmi.com/acts?id=45871