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TMI BlogProvisions related to business reorganisationX X X X Extracts X X X X X X X X Extracts X X X X ..... ribunal or court or an Adjudicating Authority under the Insolvency and Bankruptcy Code, 2016. 2. The section provides that in case of business reorganisation, where a return of income has been filed by the successor under section 139 of the Act, such successor shall furnish a modified return within six months from the end of the month in which such order of business reorganisation was issued, i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oid any unintended litigation, it is proposed to amend the law to clarify the same. 4. Accordingly, it is proposed to substitute section 170A, to provide that notwithstanding anything contained in section 139, in a case of business reorganisation, where prior to the date of order of the tribunal or the High Court or Adjudicating Authority as defined in clause (1) of section 5 of the Insolvency ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g of modified return under sub-section (1), the Assessing Officer shall pass an order modifying the total income of the relevant assessment year in accordance with the order of the business reorganisation and taking into account the modified return so furnished. Where proceedings of assessment or reassessment for the relevant assessment year are pending on the date of furnishing of modified return ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he company was in existence prior to such business reorganisation. 8. This amendment will take effect from the lst day of April, 2023. [Clause 77] Full Text : Union Budget 2023-24 + FINANCE Bill, 2023 - FAQ - Frequently Asked Questions, TMI Short Notes , Experts comment, opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - T ..... X X X X Extracts X X X X X X X X Extracts X X X X
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