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Section54
The Finance Act, 2022

Amendment of section 170

In force Act 6 of 2022 As on 10 Oct 2026

Act 6 of 2022 Ministry Finance Cited by 4 provisions

Section 54 of the Finance Act, 2022 deals with amendment of section 170. Amendment of section 170. 54. In section 170 of the Income-tax Act, after sub-section (2), the following sub-section shall be inserted, namely:— '(2A) Notwithstanding anything contained in sub-sections (1) and (2), where there is succession, the assessment or reassessment or any other proceedings, m

Amendment of section 170.

54. In section 170 of the Income-tax Act, after sub-section (2), the following sub-section shall be inserted, namely:—

'(2A) Notwithstanding anything contained in sub-sections (1) and (2), where there is succession, the assessment or reassessment or any other proceedings, made or initiated on the predecessor during the course of pendency of such succession, shall be deemed to have been made or initiated on the successor and all the provisions of this Act shall, so far as may be, apply accordingly.

Explanation.—For the purposes of this sub-section, the term "pendency" means the period commencing from the date of filing of application for such succession of business before the High Court or tribunal or the date of admission of an application for corporate insolvency resolution by the Adjudicating Authority as defined in clause (1) of section 5 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016) and ending with the date on which the order of such High Court or tribunal or such Adjudicating Authority, as the case may be, is received by the Principal Commissioner or the Commissioner.'.

Section 54, The Finance Act, 2022 (Act 6 of 2022).

Cross-references

Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.

This section refers to

  1. Income-tax Act s. 170 Succession to business otherwise than on death
  2. Insolvency and Bankruptcy Code s. 5 Definitions

Referred to by 4

  1. s. 113 Amendment of section 54
  2. s. 116 Amendment of notification issued under sub-sections (1) and (3) of section 50, sub-section (12) of section 54 and section 56 of Central Goods and Services Tax Act, retrospectively
  3. s. 119 Amendment of notification issued under section 20 of Integrated Goods and Services Tax Act, read with sub-sections (1) and (3) of section 50, sub-section (12) of section 54 and section 56 of Central Goods and Services Tax Act, retrospectively
  4. s. 122 Amendment of notification issued under section 21 of Union Territory Goods and Services Tax Act read with sub-sections (1) and (3) of section 50, sub-section (12) of section 54 and section 56 of Central Goods and Services Tax Act, retrospectively

Questions about Section 54

What does Section 54 of the Finance Act deal with?

Section 54 of the Finance Act is headed "Amendment of section 170". Amendment of section 170. 54. In section 170 of the Income-tax Act, after sub-section (2), the following sub-section shall be inserted, namely:— '(2A) Notwithstanding anything contained in sub-sections (1) and (2), where there is succession, the assessment or reassessment or any other proceedings, m

How do I find court cases under Section 54 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 54, section 54 Finance Act 2022, section 54 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 54 of the Finance Act, and has it changed?

Its own text turns on Income-tax Act 170 (Succession to business otherwise than on death), Insolvency and Bankruptcy Code 5 (Definitions), so none of them can safely be read on its own. 4 other provisions in this corpus refer back to it.

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

Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. 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. This page is not a substitute for legal advice.