banner_ad

winding up

This query is : Resolved 
Profile Image

Profile Image

(Querist)
02 May 2009 Dear Sir,

A company who want to wind up its affairs has nil liabilities (except shareholders capital) but however it has income tax refund pending for earliers years with the IT Department. Can the Co. procced for wind up u/s 560 showing the refund due in its Balance Sheet or is it possible that the refund can be issued in the name of shareholders. Plz advice

Thanks and regards
Minita
Profile Image

CA Devin

Profile Image

CA Devin (Expert)
02 May 2009 The Assets side of the Balance Sheet shall contain only the fictitious assets such as miscellaneous expenditure, loss, pre-operative expenses, preliminary expenses..

Give me ur email ID i will send u the notes for sec 560
Profile Image

Bhaskaran Chackrapani Warrier

Profile Image

Bhaskaran Chackrapani Warrier (Expert)
02 May 2009 Petition u/s 560 should contain a 'no tax liability certificate' from Income tax department. For this the company has to take up the pending assessment with IT department thereby the tds matter can be resolved.
Profile Image

Manmohan ACA, CS

Profile Image

Manmohan ACA, CS (Expert)
02 May 2009 agree with Warrier sir
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
ARTICLESHIP 28 May 2026
Accounts, Audit & Compliance Executive

Shyam Joshi & Associates

Pune

B.Com

View Details
Company
22 May 2026
Audit assistant

Displayandbeyond

Mumbai

CA

View Details
Company
04 June 2026
Semi Qualified CA

Goyal Puneet & Associates

New Delhi

CA Final

View Details
Company
26 May 2026
Senior Accountant cum purchase Manager

Vardhaman Group of India

Pimpri Chinchwad

CA Inter

View Details
Company
11 May 2026
AUDIT INTERN

M/S K.K.KHANNA AND COMPANY

Noida

CA Foundation

View Details
Company
ARTICLESHIP 14 May 2026
CA ARTICLE

PRAVEEN GARG & CO

Faridabad

CA Foundation

View Details
Company
14 May 2026
Financial Analyst - Remote Finance Expert

HiringBridge

Ahmedabad

CA

View Details
Company
14 May 2026
ICSI Trainees for 21 Months and Semi-Qualified CS

CMNITY HIRE

New Delhi

Others

View Details