(3)[ The liquidator-(a)shall not, without the leave of the ] [Chief Commissioner or Commissioner] [ Substituted by Act 4 of 1988, Section 2, for " Commissioner" (w.e.f. 1.4.1988).][, part with any of the assets of the company or the properties in his hands until he has been notified by the ] [ Substituted by Act 10 of 1965, Section 41, for sub-Sections (3) and (4) (w.r.e.f. 1.4.1965).][Assessing Officer] [ Substituted by Act 4 of 1988, Section 2, for " Income-tax Officer" (w.e.f. 1.4.1988).][under sub-section (2); and [ Substituted by Act 10 of 1965, Section 41, for sub-Sections (3) and (4) (w.r.e.f. 1.4.1965).](b)on being so notified, shall set aside an amount, equal to the amount notified and, until he so sets aside such amount, shall not part with any of the assets of the company or the properties in his hands:Provided that nothing contained in this sub-section shall debar the liquidator from parting with such assets or properties for the purpose of the payment of the tax payable by the company or for making any payment to secured creditors whose debts are entitled under law to priority of payment over debts due to Government on the date of liquidation or for meeting such costs and expenses of the winding-up of the company as are in the opinion of the Chief Commissioner or Commissioner reasonable.
