Section 88 LIABILITY IN CASE OF COMPANY IN LIQUIDATION

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..... receiver of any assets of a company (hereafter referred to as the liquidator ), shall, within 30 days after his appointment , give intimation of his appointment to the Commissioner [ Section 88(1)]. Estimation by commissioner of any tax, interest or penalty payable/likely to become payable by the company in liquidation : The Commissioner shall, after making such inquiry or ca .....

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..... overed, then every person who was a director of such company at any time during the period for which the tax was due shall, jointly and severally, be liable for the payment of such tax, interest or penalty. However, director shall not be so liable if he proves to the satisfaction of the Commissioner that such non-recovery cannot be attributed to any gross neglect, misfeasance or breach of .....

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