Income Tax cannot be recovered during Liquidation Process under IBC

Leo Edibles & Fats Limited Vs TRO (Central) (Andhra Pradesh HC)

Section 178 of the Act of 1961 is titled ‘Company in liquidation’. Under sub-section (1) thereof, the liquidator of a company which is being wound up, or a person who is appointed as a Receiver of the assets of such company has to give notice of his appointment as such to the Assessing Officer of the said company. Sub-section (2) provides that the Assessing Officer shall make inquiries and notify the liquidator within three months from the date on which

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