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of <h1>BIFR Scheme Overrides Conflicting Income-Tax Provisions, Ensuring Compliance with Section 17(3) of Sick Industrial Companies Act.</h1> The Sick Industrial Companies (Special Provisions) Act, 1985, aims to rehabilitate sick industrial units through timely detection and remedial measures by the Board for Industrial and Financial Reconstruction (BIFR). Under section 17(3), if a scheme is sanctioned by BIFR, it overrides conflicting provisions of the Income-tax Act, except in cases under section 17(2). This means that if BIFR excludes or limits certain Income-tax Act sections, like 41(1), 79, or 115J, the Assessing Officer must comply. For instance, if a scheme waives interest liabilities, the remission isn't taxable under section 41(1). Officers must be informed of these directives.
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