Clause 54 - Insertion of new section 170A-Effect of order of tribunal or court in respect of business reorganisation. - Finance Bill, 2022

Insertion of new section 170A. 54. After section 170 of the Income-tax Act, the following section shall be inserted, namely: Effect of order of tribunal or court in respect of business reorganisation. 170A. Notwithstanding anything to the contrary contained in section 139, in a case of business reorganisation, where prior to the date of order of a High Court or tribunal or an Adjudicating Authority as defined in clause (1) of section 5 of the Insolvency and Bankruptcy Code, 2016 [31 of 2016], as the case may be, any return of income has been furnished by the successor under the provisions of section 139 for any assessment year relevant to the previous year to which such order applies, such successor shall furnish, within a period of six months from the end of the month in which the said order was issued, a modified return in such form and manner, as may be prescribed, in accordance with and limited to the said order.. Explanation. In this section, business reorganisation shall have the same meaning as assigned to it in clause (i) of the Explanation to sub-section (2A) of section 170. .