https://www.taxtmi.com/caselaws?id=360513 A draft rehabilitation scheme circulated in BIFR proceedings drew no objection from the Ministry of Finance or CBDT within the statutory period, so deemed consent operated under section 19(2) of the Sick Industrial Companies (Special Provisions) Act, 1985. On that basis, waiver of interest under the scheme could not be treated as cessation of liability and taxed under section 41(1) of the Income-tax Act, 1961 merely on an assumption of non-consent. The additions were therefore unsustainable and were deleted. en-us Fri, 11 May 2018 00:00:00 +0530 Thu, 17 May 2018 12:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=360513 A draft rehabilitation scheme circulated in BIFR proceedings drew no objection from the Ministry of Finance or CBDT within the statutory period, so deemed consent operated under section 19(2) of the Sick Industrial Companies (Special Provisions) Act, 1985. On that basis, waiver of interest under the scheme could not be treated as cessation of liability and taxed under section 41(1) of the Income-tax Act, 1961 merely on an assumption of non-consent. The additions were therefore unsustainable and were deleted. Case-Laws Income Tax Fri, 11 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=360513