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Union of India - Section

Section 93 in Income Tax Rules, 1962

93. Arrangements on winding up, etc., of business.

- Where the employer's trade or undertaking is to be wound up or discontinued, the trustees shall, with the prior approval of, and subject to such conditions as may be imposed by, the Chief Commissioner or Commissioner, make satisfac-tory arrangements for the payment of annuities to the existing employees or, on the death of the employees, to their widows, children or dependents.