https://www.taxtmi.com/caselaws?id=5488 Sanction of a rehabilitation-cum-merger scheme under the Sick Industrial Companies (Special Provisions) Act, 1985 required the same substantive satisfaction needed for relief under section 72A of the Income-tax Act, namely financial non-viability of the amalgamating company and public interest in the amalgamation. Once the Board approved the scheme on that basis, it could not later refuse the corresponding declaration under section 32(2) read with section 72A merely because the companies were profit-making or closely held. The refusal to extend section 72A benefit was therefore unsustainable, and the assessee was entitled to the declaration. en-us Wed, 03 Jan 1996 00:00:00 +0530 Tue, 08 Jul 2014 14:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5488 Sanction of a rehabilitation-cum-merger scheme under the Sick Industrial Companies (Special Provisions) Act, 1985 required the same substantive satisfaction needed for relief under section 72A of the Income-tax Act, namely financial non-viability of the amalgamating company and public interest in the amalgamation. Once the Board approved the scheme on that basis, it could not later refuse the corresponding declaration under section 32(2) read with section 72A merely because the companies were profit-making or closely held. The refusal to extend section 72A benefit was therefore unsustainable, and the assessee was entitled to the declaration. Case-Laws Income Tax Wed, 03 Jan 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5488