Section 45 - Amendment of section 140 - Finance Act, 2018

Amendment of section 140 45 . In section 140 of the Income-tax Act, in clause (c), in the second proviso, (A) in clause (b), after the words principal officer thereof; occurring at the end, the word or shall be inserted; (B) after clause (b), the following shall be inserted, namely: (c) where in respect of a company, an application for corporate insolvency resolution process has been admitted by the Adjudicating Authority under section 7 or section 9 or section 10 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the return shall be verified by the insolvency professional appointed by such Adjudicating Authority. Explanation. For the purposes of this clause the expressions insolvency professional and Adjudicating Authority shall have the respective meanings assigned to them in clause (18) of section 3 and clause (1) of section 5 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016); .