Recovery in case of a company in liquidation.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....he Assessing Officer shall, within a period of three months from the date on which he receives the information, intimate to the liquidator the amount which, in his opinion, would be sufficient to provide for any tax arrears or any amount which is likely to become payable thereafter, by the company under this Code or under the Income tax Act, 1961 or the Wealth-tax Act, 1957 as they stood before th....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ors to the extent such debts rank under clause (iii) of the proviso to sub-section (1) of section 529 of the Companies Act, 1956 pari passuwith such dues.    (5) The liquidator shall be personally liable for the payment of the amount payable by the company, if he—      (a) fails to inform in accordance with sub-section (1); or      ....