Amendment status not verified — confirm the current text below against the official source.
(1) Subject to the provisions of any other law for rime being in force, every person: (a) Who is the liquidator of any company which is being wound up whether under the orders of Court Of otherwise, or (b) who has been appointed the receiver of any assets of a company hereinafter referred to as the liquidator, shall within thirty days after he has became such liquidator give notice of his appointment as such to the Commissioner. (2) The Commissioner shall, after making such inquiries or calling for such information as he may deemed fit notify to the liquidator within three months from the date on which he received notice of the appointment of the liquidator the amount which, in the opinion of the Commissioner, would be sufficient to provide for any tax which is due or is likely thereafter to become due and payable by the company. (3) The liquidator: (a) shall not, without the leave of the Commissioner, part with any of the assets of the company or the properties in his hands until notified by the Commissioner under sub-section (2), and (b) on being so notified, shall set aside an amount equal to the amount notified and, until he has set aside such amount, shall not part with any of the assets of the company or the properties in his hands. Provided that nothing contained in this sub-section shall debar the liquidator from parting with such assets or properties for there purpose of payment to secure creditors whose debts are entitled under law to priority of payment over debts due to Government on the date of liquidation on for meeting reasonable costs ands expenses of the winding up of the company. (4) If the liquidator fails to give the notice in accordance with sub-section (1) or fails to set aside the amount as required by sub-section (3) or part with any of the assets of the company of the properties in his hands in contravention of the provisions of that sub-section he shall he personally liable for the payment of the tax which the company would be liable to pay. Service of notice:-