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[Cites 0, Cited by 0] [Section 79(2)] [Section 79] [Entire Act]

Union of India - Subsection

Section 79(2)(d) in The Income Tax Act, 1961

(d)to a company, and its subsidiary and the subsidiary of such subsidiary, where,—
(i)the Tribunal, on an application moved by the Central Government under section 241 of the Companies Act, 2013 (18 of 2013), has suspended the Board of Directors of such company and has appointed new directors nominated by the Central Government, under section 242 of the said Act; and
(ii)a change in shareholding of such company, and its subsidiary and the subsidiary of such subsidiary, has taken place in a previous year pursuant to a resolution plan approved by the Tribunal under section 242 of the Companies Act, 2013 (18 of 2013) after affording a reasonable opportunity of being heard to the jurisdictional Principal Commissioner or Commissioner;