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of <h1>Rule 12AA: Prescribed Person for Section 140(c) and (cd) in Tax Rules Linked to Insolvency Code Roles.</h1> Rule 12AA of the Income-tax Rules, 1962, specifies that for clauses (c) and (cd) of section 140, the prescribed person is one appointed by the Adjudicating Authority to act as an interim resolution professional, resolution professional, or liquidator under the Insolvency and Bankruptcy Code, 2016. The term 'Adjudicating Authority' is defined as per section 5(1) of the Insolvency and Bankruptcy Code, 2016. This rule was introduced through Notification No. 93/2021, dated August 18, 2021.
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