The Central Board of Direct Taxes (CBDT) has inserted new rules prescribing ‘any other person’ to verify Income Tax Return (ITR) and appear before authorities regarding Company/ Limited Liability Partnership (LLP).
According to the new rule, any other person, in respect of a company or a limited liability partnership, 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, and the rules and regulations made thereunder.
Further, above stated rule is also applicable regarding ‘prescribed person’. In the case where in respect of a company, an application for corporate insolvency resolution process has been admitted by the Adjudicating Authority or in the case of a LLP, by the designated partner thereof, or where for any unavoidable reason such designated partner is not able to verify the return, or where there is no designated partner as such, by any partner thereof.
However, for the purposes of this rule, “Adjudicating Authority” means National Company Law Tribunal constituted under Section 408 of the Companies Act, 2013.