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[Cites 0, Cited by 0] [Section 322] [Entire Act]

Union of India - Subsection

Section 322(5) in The Income Tax Act, 2025

(5)If the liquidator fails to give the notice as per sub-section (1), or fails to set aside the amount as required by sub-section (3), or parts with any of the assets of the company or the properties in his hands in contravention of the provisions of that sub-section, he shall be personally liable for the payment of the tax which the company would be liable to pay.