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Distribution of fixed assets by private limited company

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(Querist)
22 January 2018 Can a private Limited Company ( hereinafter referred as "Company") having no liability other than share capital and Equity SH Fund of 1cr can distributes its fixed assets among its members in shareholding ratio? If yes under which section and what will the tax liability to the company?
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CA Suresh Jain

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CA Suresh Jain (Expert)
22 January 2018 Distribution can be in case of liquidation
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Vaibhav jain

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Vaibhav jain (Querist)
22 January 2018 Dear sir
Under which section such liquidation can be done? Company is carrying out operation till date.
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CA Suresh Jain

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CA Suresh Jain (Expert)
23 January 2018 Please see Chapter XX part II
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