Section 178 of ITA, 1961 : Section 178: Company In Liquidation

ITA, 1961

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Explanation using Example

Imagine a scenario where "Tech Innovations Ltd." is undergoing voluntary liquidation. Mr. John has been appointed as the liquidator of the company. According to Section 178 of the Income-tax Act, 1961, Mr. John must inform the Assessing Officer of his appointment within 30 days. He complies and sends the required notice.

The Assessing Officer, upon receiving the notice, investigates and estimates the tax liability of Tech Innovations Ltd. to be INR 10 lakhs. He notifies Mr. John of this amount within three months, as mandated by the Act.

Mr. John is now legally bound to...

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