Circular regarding compliance of Section 53

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..... 04 provides that "Every person who is a liquidator of any company which is being wound up, whether under the orders of a court or otherwise; or who has been appointed the receiver of any assets of a company (hereinafter referred to as the 'liquidator'); shall, within one month after he has become such liquidator, give notice of his appointment as such to the Commissioner." Further sub-section (2) .....

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..... sub-section (4) of the aforesaid section makes the liquidator personally liable for payment of tax and penalty, if any, which the company would be liable to pay under the Act, provided that such tax or penalty is notified to the liquidator under sub-section (2). All the Assessing Authorities are hereby directed to ensure compliance of Section-53 in respect of companies in liquidation. This iss .....

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