The designation and subsequent empowerment of an Insolvency Professional (IP) within the framework of a Corporate Debtor entail an array of responsibilities primarily focused on the effective management of the corporate entity.

These responsibilities encompass a comprehensive oversight aimed at ensuring compliance with an array of statutory obligations, inclusive of but not limited to, the meticulous filing of Income Tax Returns and the submission of various requisite forms such as 15CA and TDS returns. Access to the Income Tax Portal emerges as an indispensable requirement crucial to the fulfillment of these compliance obligations.

Within the ambit of the Insolvency and Bankruptcy Code (IBC), there exists a prescribed mandate stipulating the imperative cooperation of the personnel associated with the Corporate Debtor towards the duly appointed Insolvency Professional. However, it is noteworthy that the application and universality of this privilege are subject to situational variance within the spectrum of proceedings governed by the IBC.

Instances characterized by non-cooperation demonstrated by the promoters or scenarios where the Corporate Debtor faces an inadequacy in personnel entrusted with attending to these vital compliance matters confer upon the Insolvency Professional the discretionary authority to petition for direct access to the Income Tax Portal of the Corporate Debtor from the esteemed precincts of the Income Tax Department.

The procedural delineations pertinent to the registration process on the Income Tax Portal for the aforementioned purpose are outlined herewith:

1. Commence by navigating to the official web domain of the Income Tax Department.
2. Employ the designated credentials earmarked for the Insolvency Professional to successfully log in to the portal.
3. Proceed to locate and access the segment denoted as “Authorised Partners” and subsequently opt for the pathway delineated as “Registering to act on behalf of another person.”
4. Explicitly specify and identify the category of assessee as “Company under Liquidation,” duly acknowledging and recognizing that this particular classification extends equivalently to companies ensconced within the purview of the Corporate Insolvency Resolution Process, notwithstanding the nomenclatural disparities.
5. Furnish and input the requisite particulars inclusive of the Permanent Account Number (PAN), Date of Appointment, and the unique IBBI Registration Number corresponding to the Insolvency Professional.
6. Complete the registration process by diligently uploading pertinent documentation, encompassing crucial artifacts such as the NCLT Order and the PAN Card attributed to the concerned Company.
7. Conclude the application process by initiating the submission of the aforementioned details.
8. Uphold the integrity and validity of the submission by successfully authenticating the transaction via the One-Time Password (OTP) dispatched to the registered Email and Mobile correspondences.
9. Await the ensuing confirmation, expectedly transmitted through electronic mail from the esteemed precincts of the Income Tax Department utilizing the designated communication channel at communication@cpc.incometax.gov.in.
10. Upon the consummation of the approval process, the hitherto sought-after access to the Income Tax Portal of the Corporate Debtor is duly granted. This facilitation is accomplished through the utilization of the login credentials allocated to the Insolvency Professional. After the successful login, the Dashboard will prominently exhibit an option nested within the ‘Official Liquidator/Resolution Professional’ tab, thereby seamlessly redirecting the user to the dedicated Portal attributed to the Corporate Debtor.

It is imperative to underscore that although this procedural elucidation ostensibly appears tailored to entities traversing the terrain of liquidation, its inherent relevance transcends the confines of such circumstances. The procedural elucidation delineated herein retains substantial applicability and relevance to companies navigating the intricate landscape of the Corporate Insolvency Resolution Process.

Through a meticulous adherence to these specified and enumerated steps, an Insolvency Professional is adeptly positioned to efficiently secure access to and navigate the intricate contours of the Income Tax Portal. This proficient navigation is instrumental in facilitating the fulfillment of imperative compliance obligations incumbent upon the Corporate Debtor. Such actions align impeccably with the regulatory dictates and stipulations embedded within the precincts of the Insolvency and Bankruptcy Code 2016 (IBC).

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