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of <h1>Section 156A requires tax officers to modify demand notices when insolvency authorities reduce tax liabilities</h1> Section 156A of the Income Tax Act, 1961 addresses modification and revision of tax demand notices in insolvency proceedings. When an Adjudicating Authority under the Insolvency and Bankruptcy Code reduces any tax, interest, penalty, or other sum previously demanded, the Assessing Officer must modify the demand accordingly and issue a revised notice to the assessee. If the Adjudicating Authority's order is subsequently modified by the National Company Law Appellate Tribunal or Supreme Court, the demand notice must be further revised to reflect such changes. This provision ensures tax demands align with insolvency resolution outcomes.
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