Specified authority designation: Board for Industrial and Financial Reconstruction named under Income tax Act clause for statutory recognition. The Central Government specified the Board for Industrial and Financial Reconstruction, established under the Sick Industrial Companies (Special Provisions) Act, 1985, as the authority for the purposes of sub clause (ii) of clause (a) of sub section (1) of the Income tax Act provision, by Notification No. S.O.1375 dated 28 5 1993, thereby designating that Board as the recognised authority under the specified Income tax Act sub clause.