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ARTICLE · 04 OCTOBER 2021

Restructuring & Insolvency Monthly Update | September 2021

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In exercise of the powers conferred by Clause (c) and Clause (cd) of Section 140 and Clause (viii) of Sub-Section (2) of Section 288 read with Section 295 of the Income-tax Act...

IndiaInsolvency/Bankruptcy/Re-Structuring
Abhirup Dasgupta
Abhirup Dasgupta
Pratik Ghose
Pratik Ghose
Ishaan Duggal
Ishaan Duggal
Avishek Roy
Avishek Roy
Bhawana Sharma
Bhawana Sharma
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STATUTORY UPDATES

Income-tax (24th Amendment) Rules, 2021

  • In exercise of the powers conferred by Clause (c) and Clause (cd) of Section 140 and Clause (viii) of Sub-Section (2) of Section 288 read with Section 295 of the Income-tax Act, 1961 (43 of 1961), CBDT amended the existing Income-tax Rules, 1962 (Principal Rules). ,/
  • Rule 12AA is inserted to define 'any other person' in relation to verification of returns in terms of Section 140 of Income-tax Act. As per the said Rule, 'any other person' shall be the person, appointed by the Adjudicating Authority for discharging the duties and functions of an Interim Resolution Professional, a Resolution Professional or a Liquidator under the Insolvency and Bankruptcy Code, 2016.,/

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