76.  Liability in the case of a private company going into liquidation.-

(1)   Every person who is a liquidator of a private company which is wound up, or who has been appointed the receiver of any assets of such company (hereinafter referred to as the "liquidator"), shall, within thirty days of his having become such liquidator, give notice of his appointment to the Deputy Commissioner who has jurisdiction to assess the company.

(2)   The Deputy Commissioner shall, after making such enquiries or calling for such information as he may deem fit, notify to the liquidator, within three months of the date of receipt of the notice referred to in subsection (1), the amount which, in his opinion, would be sufficient to provide for any tax which is then, or is likely thereafter to become, payable by the company.

(3)   On being notified by the Deputy Commissioner under subsection (2), the liquidator shall set aside an amount equal to the amount so notified and until he sets aside such amount, he shall not part with any of the assets of the company, except for the purpose aforesaid or for making any payment to secured creditors whose debts are entitled under the law to priority of payment over debts due to Government.

(4)   If the liquidator fails to comply with or contravenes any provision of sub-section (1) or sub-section (3), he shall be personally liable for the payment of the tax payable by the company, not exceeding the amount, if any, notified under sub-section (2), and all the provisions of this Ordinance shall, so far as may be, apply as if he were an assessee in default.

(5)   The provisions of this section shall have effect notwithstanding anything contained in any other law for the time being in force.