New Income Tax Rule 12AA and Rule 51B notified by CBDT

CBDT

On August 18, 2021, the Central Board of Direct Taxes (CBDT) has issued the Income-tax (24th Amendment) Rules, 2021 to further amend the Income-tax Rules, 1962.

Key highlights:

 

  • Rule 12AA, which specifies, Prescribed person has been Inserted, namely:

“12AA – For the purpose of clause (c) or clause (cd), as the case may be, of section 140, any other person shall be the person, appointed by the Adjudicating Authority for discharging the duties and functions of an interim resolution professional, a resolution professional, or a liquidator, as the case may be, under the Insolvency and Bankruptcy Code, 2016 (31 of 2016) and the rules and regulations made thereunder.

Explanation– For the purposes of this rule, “Adjudicating Authority” shall have the same meaning as assigned to it in clause (1) of section 5 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016).”

  • Rule 51B, which specifies, Appearance by Authorised Representative in certain cases, has been Inserted, namely:

“51B. – For the purposes of clause (viii) of sub-section (2) of section 288, any other person, in respect of a company or a limited liability partnership, as the case may be, shall be the person appointed by the Adjudicating Authority for discharging the duties and functions of an interim resolution professional, a resolution professional, or a liquidator, as the case may be, under the Insolvency and Bankruptcy Code, 2016 (31 of 2016) and the rules and regulations made thereunder.

Explanation––For the purposes of this rule “Adjudicating Authority” shall have the same meaning as assigned to it in clause (1) of section 5 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016).”

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