Modified return requirement ensures tax assessments follow business reorganisation orders and must be adjusted accordingly.
Clause 314 mandates that a successor entity furnish a modified return within the prescribed period after a business reorganisation order, limited to changes necessitated by that order, and requires the Assessing Officer to modify completed assessments or complete pending assessments in accordance with the order and the modified return; ordinary Act provisions apply unless expressly overridden, and key terms including business reorganisation and successor are defined with coverage of insolvency-sanctioned reorganisations.