Insertion of new section 170A
Section 55 of the Finance Act, 2022 deals with insertion of new section 170A. Insertion of new section 170A. 55. After section 170 of the Income-tax Act, the following section shall be inserted, namely:— '170A Effect of order of tribunal of court in respect of business reorganisation.—Notwithstanding anything to the contrary contained in section 139, in a case of business reo
Insertion of new section 170A.
55. After section 170 of the Income-tax Act, the following section shall be inserted, namely:—
'170A Effect of order of tribunal of court in respect of business reorganisation.—Notwithstanding anything to the contrary contained in section 139, in a case of business reorganisation, where prior to the date of order of a High Court or tribunal or an Adjudicating Authority as defined in clause (1) of section 5 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), as the case may be, any return of income has been furnished by the successor under the provisions of section 139 for any assessment year relevant to the previous year to which such order applies, such successor shall furnish, within a period of six months from the end of the month in which the said order was issued, a modified return in such form and manner, as may be prescribed, in accordance with and limited to the said order.
Explanation.—In this section, the expressions—
Section 55, The Finance Act, 2022 (Act 6 of 2022).
(i) "business reorganisation" means the reorganisation of business involving the amalgamation or de-merger or merger of business of one or more persons; (ii) "successor" means all resulting companies in a business reorganisation, whether or not the company was in existence prior to such business reorganisation.'.
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
Questions about Section 55
What does Section 55 of the Finance Act deal with?
Section 55 of the Finance Act is headed "Insertion of new section 170A". Insertion of new section 170A. 55. After section 170 of the Income-tax Act, the following section shall be inserted, namely:— '170A Effect of order of tribunal of court in respect of business reorganisation.—Notwithstanding anything to the contrary contained in section 139, in a case of business reo
How do I find court cases under Section 55 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 55, section 55 Finance Act 2022, section 55 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 55 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.
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
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.