Insolvency professional verification now required for corporate tax returns upon admission to insolvency resolution process. Where a company's application for corporate insolvency resolution process has been admitted under the Insolvency and Bankruptcy framework, the income-tax ... Summary
Insolvency professional verification now required for corporate tax returns upon admission to insolvency resolution process.
Where a company's application for corporate insolvency resolution process has been admitted under the Insolvency and Bankruptcy framework, the income-tax return shall be verified by the insolvency professional appointed by the adjudicating authority; the amendment inserts this clause into section 140 and adds an explanation that the expressions "insolvency professional" and "Adjudicating Authority" bear the meanings assigned in the applicable insolvency legislation, and also inserts "or" after the reference to the principal officer.
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