Liquidation of company
Querist : Anonymous
If company is wound up by court order, then will the liability of Income tax cease , or will directors be asked to pay old Income tax Liabilities.
If shareholders are liable to the extent of Share holding, then what about directors liability?
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Shareholders can be made liable to the extent of their unpaid calls on shares issued to them.
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We can not go in "Private" to make personally liable the directors.
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However, Section 179 of IT Act 191, is an overriding
provision which makes liable to the directors, jointly and severally.
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If he can prove that the liability of tax is not due to his own gross neglect, misfeasance or breach of duty, then the directors can not be made liable.
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Querist : Anonymous
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