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of <h1>Tax Demand Notices Now Adjustable Under Insolvency Proceedings, Enabling Precise Liability Modifications Through Clause 290</h1> A statutory mechanism for modifying demand notices is introduced in the Income Tax Bill, 2025, addressing tax liability adjustments resulting from insolvency proceedings. Clause 290 empowers the Assessing Officer to revise demand notices when tax liabilities are reduced by Insolvency and Bankruptcy Code orders. The provision ensures alignment between tax recovery and insolvency resolution, mandating modifications to reflect final judicial determinations and maintaining legal continuity in tax administration.
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