Carry forward and set off of losses: BIFR sanctioned rehabilitation schemes can override income tax carry forward restrictions. A BIFR sanctioned rehabilitation scheme that prescribes carry forward and set off of losses will have overriding effect over conflicting provisions of the Income tax Act where the loss return was filed late; the Assessing Officer must implement the scheme's tax treatment. BIFR cannot itself authorize late filing but may direct an operating agency to prepare a scheme which, once sanctioned, allows carry forward despite delayed filing.
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.
Carry forward and set off of losses: BIFR sanctioned rehabilitation schemes can override income tax carry forward restrictions.
A BIFR sanctioned rehabilitation scheme that prescribes carry forward and set off of losses will have overriding effect over conflicting provisions of the Income tax Act where the loss return was filed late; the Assessing Officer must implement the scheme's tax treatment. BIFR cannot itself authorize late filing but may direct an operating agency to prepare a scheme which, once sanctioned, allows carry forward despite delayed filing.
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