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Office of official liquidator is required to submit Income Tax Return of Companies under Liquidator in Income Tax Act. winding up proceeds official liquidator sells property/assets of the company to pay secured creditor. what is tax liability on sale of property looking into the following fact
1. Net worth of the Company is negative in view of accumulated losses. ie there is no surplus after payment to secured/unsecured creditors. Refers Sec 50B of Income Tax Act 1961
2. Cost of acquisition/W.D.V of the assets sold is not know to official Liquidator.
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