Income Tax Ordinance, 2001

CHAPTER-X

PROCEDURE PART IV COLLECTION AND RECOVERY OF TAX

Income Tax Ordinance, 2001 CHAPTER-X PROCEDURE PART IV COLLECTION AND RECOVERY OF TAX From: 2024-12-29 - To: 0000-00-00 141. Liquidators.- (1) Every person (hereinafter referred to as a “liquidator”) who is - (a) a liquidator of a company; (b) a receiver appointed by a Court or appointed out of Court; (c) a trustee for a bankrupt; or (d) a mortgagee in possession, shall, within fourteen days of being appointed or taking possession of an asset in Pakistan, whichever occurs first, give written notice thereof to the Commissioner. (2) The Commissioner shall, within three months of being notified under sub-section (1), notify the liquidator in writing of the amount which appears to the Commissioner to be sufficient to provide for any tax which is or will become payable by the person whose assets are in the possession of the liquidator. (3) A liquidator shall not, without leave of the Commissioner, part with any asset held as liquidator until the liquidator has been notified under sub-section (2). (4) A liquidator - (a) shall set aside, out of the proceeds of sale of any asset by the liquidator, the amount notified by the Commissioner under sub-section (2), or such lesser amount as is…