Provisions of Section 179 of Income Tax Act, 1961. - Income Tax - 1519/CBDT

INSTRUCTION NO. 1519/CBDT Dated: July 20, 1983 Section(s) Referred: 179 Statute: Income - Tax Act, 1961 Attention is invited to Board's Instructions No. 498, dated 18th January, 1973 issued from F.No. 403/102/72-ITCC. It has been stated in the instruction that where a private limited company has gone into liquidation and the arrears of tax cannot be recovered, every Director shall be held jointly and severally liable for the payment of such tax. The Board had desired that the provisions of Section 179 should be used more vigorously and frequently in such cases. 2. In this connection certain issues have been examined by the Board in consultation with the Ministry of Law. 3. These instructions may please be brought to the notice of all the officers working in your charge.