BIFR rehabilitation schemes can override Income-tax provisions, so sanctioned exclusions affect taxability of waived or reduced liabilities. A sanctioned rehabilitation scheme by the Board under the Sick Industrial Companies Act has an overriding effect on inconsistent Income tax provisions; where the scheme excludes or limits application of income tax provisions for specified assessment years, Assessing Officers must implement that exclusion and not tax remissions of liabilities. Non scheme orders of the Board do not have this overriding effect.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
BIFR rehabilitation schemes can override Income-tax provisions, so sanctioned exclusions affect taxability of waived or reduced liabilities.
A sanctioned rehabilitation scheme by the Board under the Sick Industrial Companies Act has an overriding effect on inconsistent Income tax provisions; where the scheme excludes or limits application of income tax provisions for specified assessment years, Assessing Officers must implement that exclusion and not tax remissions of liabilities. Non scheme orders of the Board do not have this overriding effect.
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