{"act":{"id":"finance-act-2018","short_title":"The Finance Act, 2018","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2018-2019.","act_number":"13","act_year":2018,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":227,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2018/"},"unit":"section","section":{"number":"45","heading":"Amendment of section 140","text":"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);'.","html":"<p><b> Amendment of section 140.</b></p><p><b> 45.</b> In section 140 of the Income-tax Act, in clause (<i>c</i>), in the second proviso,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>A</i>)</td><td></td><td>in clause (<i>b</i>), after the words \"principal officer thereof;\" occurring at the end, the word \"or\" shall be inserted;</td></tr><tr><td>(<i>B</i>)</td><td></td><td>after clause (<i>b</i>), the following shall be inserted, namely:—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>'(<i>c</i>)</td><td></td><td>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.</td></tr><tr><td></td><td></td><td><i>Explanation</i>.—For the purposes of this clause the expressions \"insolvency professional\" and \"Adjudicating Authority\" shall have the respective meanings assigned to them in clause (<i>18</i>) of section 3 and clause (<i>1</i>) of section 5 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016);'.</td></tr></table></div>","words":149,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2018/section/45/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}