https://www.taxtmi.com/caselaws?id=346807 Recovery notices under section 226(3) of the Income-tax Act against a sick industrial company's bank accounts were barred by section 22(1) of the Sick Industrial Companies (Special Provisions) Act, 1985 because proceedings before the Board for Industrial and Financial Reconstruction were pending. The company had been treated as a sick industrial company, so coercive recovery steps against its property fell within the statutory suspension on execution and distress-like proceedings. As no consent of the Board had been obtained, the recovery action could not be sustained, and the department was required to seek appropriate relief from the Board before proceeding. en-us Mon, 21 Aug 2017 00:00:00 +0530 Thu, 24 Aug 2017 07:48:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=346807 Recovery notices under section 226(3) of the Income-tax Act against a sick industrial company's bank accounts were barred by section 22(1) of the Sick Industrial Companies (Special Provisions) Act, 1985 because proceedings before the Board for Industrial and Financial Reconstruction were pending. The company had been treated as a sick industrial company, so coercive recovery steps against its property fell within the statutory suspension on execution and distress-like proceedings. As no consent of the Board had been obtained, the recovery action could not be sustained, and the department was required to seek appropriate relief from the Board before proceeding. Case-Laws Indian Laws Mon, 21 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=346807