https://www.taxtmi.com/caselaws?id=206745 The High Court set aside the tax authority's order denying relief under Section 72 of the Income Tax Act. The Court directed a reconsideration based on the petitioner's submissions, emphasizing fair assessment and consideration of the company's status as a sick industrial entity. The judgment underscored the importance of an objective evaluation by the tax authorities and granted the petitioner liberty to provide additional representations if required. The Court highlighted the need for a thorough review aligned with relevant provisions and schemes for sick industrial companies. en-us Tue, 01 Nov 2011 00:00:00 +0530 Mon, 14 Nov 2011 18:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=206745 The High Court set aside the tax authority's order denying relief under Section 72 of the Income Tax Act. The Court directed a reconsideration based on the petitioner's submissions, emphasizing fair assessment and consideration of the company's status as a sick industrial entity. The judgment underscored the importance of an objective evaluation by the tax authorities and granted the petitioner liberty to provide additional representations if required. The Court highlighted the need for a thorough review aligned with relevant provisions and schemes for sick industrial companies. Case-Laws Income Tax Tue, 01 Nov 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=206745