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Liability of Director of (P) Ltd. Co. on Liquidation

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Court :

Brief :
Case Fact: Whether before initiating recovery action u/s 179 for dues of Pvt. Co against directors on liquidation , it is necessary to prove that recovery cannot be made against the company.

Citation :
Indubhai T. Vasa Vs. I.T.O

Decision: Held by hon"ble court that Sec.179 clearly requires that before initiating recovery actions against directors, it is necessary to establish that such recovery could not be made against the company.
 

CA. A. Kumar
on 10 July 2008
Published in Income Tax
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