When prosecution under Section 276A can be launched?

Ans. Prosecution under Section 276A can be launched where any person, appointed as liquidator of a company, has committed any of the following defaults:

a. ​He fails to give notice of his appointment within 30 days to the Assessing Officer having jurisdiction over such company;

b. He fails to set aside the amount, notified to him by the Assessing Officer, to meet the tax demand;

c. He parts with any of the assets of the company or properties in hand, until the amount to be set aside, is notified by the Assessing officer, without the prior approval of the prescribed tax authority; or

d. He parts with any of the assets of the company or properties in hand until the amount of tax demand notified by the Assessing Officer is set aside.

No proceedings shall be initiated under this provision on or after 01-04-2023.​