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CBDT notifies new Rule 12AA

Posted on 21 August 2021,    
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The Central Board of Direct Taxes has released the Income-tax (24th Amendment) Rules, 2021 in order to amend the Income-tax Rules, 1962. Under the amended rules, a new Rule 12AA has been inserted after Rule 12A.

Relevant text of the Rule is as follows

'12AA. Prescribed person for the purposes of clause (c) and clause (cd) of section 140.- For the purpose of clause (c) or clause (cd), as the case may be, of section 140, 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, as the case may be, under the Insolvency and Bankruptcy Code, 2016 (31 of 2016) and the rules and regulations made thereunder. Explanation.–– For the purposes of this rule, 'Adjudicating Authority' shall have the same meaning as assigned to it in clause (1) of section 5 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016).'

Moreover, a new Rule 51B has also been inserted after Rule 51A which lays provisions for the Appearance by Authorised Representative in certain cases.

Relevant text of the Rule is as follows

CBDT notifies new Rule 12AA

'51B. Appearance by Authorised Representative in certain cases.- For the purposes of clause (viii) of sub-section (2) of section 288, any other person, in respect of a company or a limited liability partnership, as the case may be, 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, as the case may be, under the Insolvency and Bankruptcy Code, 2016 (31 of 2016) and the rules and regulations made thereunder. Explanation. - For the purposes of this rule 'Adjudicating Authority' shall have the same meaning as assigned to it in clause (1) of section 5 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016).'

Click here to read the official notification.

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