Section 50 - Amendment of section 179 - Taxation Laws (Amendment) Act, 1975

50. Amendment of section 179. For the existing sub-heading M-Private company in liquidation before section 179 of the Income-tax Act, the sub-heading M-Private companies shall be substituted and that section shall be re-numbered as sub-section (1) thereof and, (a) in sub-section (1) as so re-numbered, for the portion beginning with the word Notwithstanding and ending with the words any previous year , the following shall be substituted, namely: Notwithstanding anything contained in the Companies Act, 1956 (1 of 1956), where any tax due from a private company in respect of any Income of any previous year or from any other company in respect of any income of any previous year during which such other company was a private company ; (b) after sub-section (1) as so re-numbered, the following sub-section shall be inserted, namely: (2) Where a private company is converted into a public company and the tax assessed in respect of any income of any previous year during which such company was a private company cannot be recovered, then, nothing contained in sub-section (1) shall apply to any person who was a director of. Such private company in relation to any tax due in respect of any income of such private company assessable for any assessment year commencing before the 1st day of April, 1962. .