Withdrawal of Circulars Nos. 523 and 576--New procedure for representation before Board for Industrial and Financial Reconstruction and the Appellate Authority for Industrial and Financial Reconstruction
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Consent requirement under SICA: fiscal concessions to be decided case-by-case; central government to convey consent through DGIT Admn as nodal agency. Circulars Nos. 523 and 576 are withdrawn because they did not address the statutory consent requirement under the Sick Industrial Companies Act; fiscal concessions or financial assistance for rehabilitation must now be considered on individual merits and consent or denial will be conveyed by the Central Government. Prior cases decided under the withdrawn circulars need not be reopened. The Director-General of Income-tax (Admn.) is designated as the nodal coordinating office for communication between the tax administration and industrial reconstruction authorities.
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Provisions expressly mentioned in the judgment/order text.
Consent requirement under SICA: fiscal concessions to be decided case-by-case; central government to convey consent through DGIT Admn as nodal agency.
Circulars Nos. 523 and 576 are withdrawn because they did not address the statutory consent requirement under the Sick Industrial Companies Act; fiscal concessions or financial assistance for rehabilitation must now be considered on individual merits and consent or denial will be conveyed by the Central Government. Prior cases decided under the withdrawn circulars need not be reopened. The Director-General of Income-tax (Admn.) is designated as the nodal coordinating office for communication between the tax administration and industrial reconstruction authorities.
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