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
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.
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