Shutting down a private company

The case is that there is a private limited company which has a liability standing in the balance sheet amounting to Rs 40 lacs which are in the nature of advances received in Mar 2017. The assets are of minimal value. The company intends to shut down this year but is concerned with the liability amount. 

The issue is if we book sales against the advances received and book some expenditures in the profit loss account we might end up paying taxes under MAT provisions which we are trying to avoid or mininize.

Please suggest a solution to this at the earliest possible.

Thanks & Regards,

Preeti