Quick Summary
1. Chapter XV of the Act refers to liability in certain special cases. Section 170, inter-alia, governs the procedure of taxation in case of succession to business in the event of reorganization or restructuring of the business which is discussed as under. 2. Though section 170 provides for assessment in cases of succession otherwise than by death, in practice once an entity starts the process of reorganization by filing an application with the adjudicating authority or any High Court, the pe
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FAQ :
The amendments aim to clarify that tax assessments and proceedings, whether pending or completed on a predecessor entity during a business reorganisation, are valid and will be deemed to have been made on the successor entity.
Section 170A will allow entities undergoing business reorganisation to file modified tax returns for the period between the reorganisation's effective date and the final order's issuance date.
These amendments will take effect from 1st April 2022.
A new Section 156A is proposed to provide a mechanism for reducing or modifying tax demands from the outstanding demand register, in line with orders from competent authorities during restructuring.
It was needed to address the anomaly where there's a gap between the effective date of a reorganisation and the date of the final order, affecting entities' ability to modify filed returns.
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