winding up

This query is : Resolved 

02 May 2009 Dear Sir,

A company who want to wind up its affairs has nil liabilities (except shareholders capital) but however it has income tax refund pending for earliers years with the IT Department. Can the Co. procced for wind up u/s 560 showing the refund due in its Balance Sheet or is it possible that the refund can be issued in the name of shareholders. Plz advice

Thanks and regards
Minita

02 May 2009 The Assets side of the Balance Sheet shall contain only the fictitious assets such as miscellaneous expenditure, loss, pre-operative expenses, preliminary expenses..

Give me ur email ID i will send u the notes for sec 560

02 May 2009 Petition u/s 560 should contain a 'no tax liability certificate' from Income tax department. For this the company has to take up the pending assessment with IT department thereby the tds matter can be resolved.


02 May 2009 agree with Warrier sir



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