Exception for Insolvency and Bankruptcy Code limits application of Income-tax Act provision, preserving IBC supremacy in insolvency matters. An amendment inserts an explicit exclusion into subsection (6) of the identified Income-tax Act provision, specifying that the words "except the ... Summary
Exception for Insolvency and Bankruptcy Code limits application of Income-tax Act provision, preserving IBC supremacy in insolvency matters.
An amendment inserts an explicit exclusion into subsection (6) of the identified Income-tax Act provision, specifying that the words "except the provisions of the Insolvency and Bankruptcy Code, 2016" shall be inserted, thereby excluding IBC provisions from the application of that income tax provision.
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