Effect of order of tribunal or court in respect of business reorganisation

Irrespective of anything to the contrary contained in section 263, if prior to the date of order in respect of business reorganisation, any return of income has been furnished under the provisions of the said section by an entity for any tax year to which such order applies, the successor shall furnish, within six months from the end of the month in which the order was issued, a modified 45 return in such form and manner, as prescribed, in accordance with and limited to the said order.

Where the assessment or reassessment proceedings for a tax year to which the order in respect of the business reorganisation applies,–– (a) have been completed on the date of furnishing of the modified return as per the provisions of sub-section (1), the Assessing Officer shall pass an order modifying the total income of the relevant tax year determined in such assessment or reassessment, in accordance with such order and taking into account the modified return so furnished;