https://www.taxtmi.com/caselaws?id=202933 A BIFR-sanctioned rehabilitation scheme under the Sick Industrial Companies (Special Provisions) Act, 1985 was treated as binding and conclusive, with overriding effect over inconsistent laws under section 32. The scheme could operate as compliance with the consent requirements linked to section 72A of the Income-tax Act, 1961, and no separate approval from the Central Government or CBDT was necessary where the Board acted within its statutory power. The BIFR order also exempted the assessee from sections 80 and 139, supporting validity of the revised loss return, and the Tribunal was required to decide the alternative timeliness objection under those provisions. en-us Tue, 05 Oct 2010 00:00:00 +0530 Wed, 03 Jul 2013 14:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=202933 A BIFR-sanctioned rehabilitation scheme under the Sick Industrial Companies (Special Provisions) Act, 1985 was treated as binding and conclusive, with overriding effect over inconsistent laws under section 32. The scheme could operate as compliance with the consent requirements linked to section 72A of the Income-tax Act, 1961, and no separate approval from the Central Government or CBDT was necessary where the Board acted within its statutory power. The BIFR order also exempted the assessee from sections 80 and 139, supporting validity of the revised loss return, and the Tribunal was required to decide the alternative timeliness objection under those provisions. Case-Laws Income Tax Tue, 05 Oct 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=202933