IBBI Disciplinary Committee to dispose off SCN against service provider within sixty days

IBBI Disciplinary Committee to dispose off SCN to service provider within sixty days from the due date for receipt of reply to the show-cause notice

INSOLVENCY AND BANKRUPTCY BOARD OF INDIA

NOTIFICATION

New Delhi, the 13th August, 2024

Insolvency and Bankruptcy Board of India (Inspection and Investigation) (Amendment) Regulations, 2024 No. IBBI/2024-25/GN/REG115.—In exercise of the powers conferred under sections 196, 217, 218, 219, 220 read with section 240 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Insolvency and Bankruptcy Board of India hereby makes the following regulations further to amend the Insolvency and Bankruptcy Board of India (Inspection and Investigation) Regulations, 2017, namely: –

1. (1) These Regulations may be called the Insolvency and Bankruptcy Board of India (Inspection and Investigation) (Amendment) Regulations, 2024.

(2) They shall come into force on the date of their publication in the Official Gazette.

2. In the Insolvency and Bankruptcy Board of India (Inspection and Investigation) Regulations, 2017, in regulation 13, in sub-regulation (2), for the words “thirty-five days of the date of the issuance of the show-cause notice”, the words “sixty days from the due date for receipt of reply to the show-cause notice” shall be substituted.

RAVI MITAL, Chairperson

[ADVT.-III/4/Exty./386/2024-25]

Note: The Insolvency and Bankruptcy Board of India (Inspection and Investigation) Regulations, 2017 were published vide Notification No. IBBI/2017-18/GN/REG011 on 12th June, 2017 in the Gazette of India, Extraordinary, Part III, Section 4, No. 239 dated 12th June, 2017 and were last amended by the Insolvency and Bankruptcy Board of India (Inspection and Investigation) (Amendment) Regulations, 2022 published vide Notification No. IBBI/2022-23/GN/REG/087, dated the 14th June, 2022 in the Gazette of India, Extraordinary, Part III, Section 4, No. 305 on 14th June, 2022.

• Penalty u/s 270A deleted as assessee filed revised computation during scrutiny
• Penalty u/s 271B for unfilled column 40 in Tax Audit Report Form 3CD deleted by ITAT
• Merely ex-parte rectifying computation without amending assessment order not make it nullity- ITAT
• Once assessee discharges primary onus, it shifts to AO to bring evidence to contrary – ITAT
• Cost Inflation Index for FY/Tax Year 2026-27 notified by CBDT. See Up-to-date Table of CII