Insertion of new section 156A
Section 51 of the Finance Act, 2022 deals with insertion of new section 156A. Insertion of new section 156A. 51. After section 156 of the Income-tax Act, the following section shall be inserted, namely:— "156A Modification and revision of notice in certain cases.—(1) Where any tax, interest, penalty, fine or any other sum in respect of which a notice of demand has been issued
Insertion of new section 156A.
51. After section 156 of the Income-tax Act, the following section shall be inserted, namely:—
"156A Modification and revision of notice in certain cases.—(1) Where any tax, interest, penalty, fine or any other sum in respect of which a notice of demand has been issued under section 156, is reduced as a result of an order of the Adjudicating Authority as defined in clause (1) of section 5 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Assessing Officer shall modify the demand payable in conformity with such order and shall thereafter serve on the assessee a notice of demand specifying the sum payable, if any, and such notice of demand shall be deemed to be a notice under section 156 and the provisions of this Act shall accordingly, apply in relation to such notice.
(2) Where the order referred to in sub-section (1) is modified by the National Company Law Appellate Tribunal or the Supreme Court, as the case may be, the modified notice of demand as referred to in sub-section (1), issued by the Assessing Officer shall be revised accordingly.".
Section 51, The Finance Act, 2022 (Act 6 of 2022).
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Questions about Section 51
What does Section 51 of the Finance Act deal with?
Section 51 of the Finance Act is headed "Insertion of new section 156A". Insertion of new section 156A. 51. After section 156 of the Income-tax Act, the following section shall be inserted, namely:— "156A Modification and revision of notice in certain cases.—(1) Where any tax, interest, penalty, fine or any other sum in respect of which a notice of demand has been issued
How do I find court cases under Section 51 of the Finance Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 2022 51, section 51 Finance Act 2022, section 51 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 51 of the Finance Act, and has it changed?
Its own text turns on Income-tax Act 156 (Notice of demand), Insolvency and Bankruptcy Code 5 (Definitions), so none of them can safely be read on its own.
When was the Finance Act enacted?
Finance Act was enacted in 2022 as Act 6 of 2022. India Code records no commencement date for it. It is in force as at the date shown on this page.
Other sections of this Act
- First Schedule. First Schedule9792 words
- 2. Income-tax6839 words
- 42. Amendment of section 144B3753 words
- 4. Amendment of section 103713 words
- 39. Insertion of new section 140B1269 words
- 31. Amendment of section 115TD965 words
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