TaxTMI 
TaxTMI 
2009 (7) TMI 1162
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....proper construction of the provisions of the Sick Industrial Companies (Special Provisions) Act, 1985, read with the Approved Rehabilitation Scheme by BIFR, the Tribunal was justified in not following the said order? (b) Whether, on the facts and under the circumstances of the case, the Tribunal was justified in retaining the quantum of interest at 25 per cent of the amount of the interest and penalty, though directed to be waived in entirety without any condition? (c) Whether, on the facts and under the circumstances of the case, the Tribunal was justified in not exercising its discretionary power judiciously by remitting 100 per cent interest and penalty as per the direction of the BIFR through approved "Rehabilitation Scheme"? ....
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.... Tribunal after considering the contentions advanced on behalf of the applicants herein was pleased to reduce the amount of interest and also set aside the amount of penalty. However, chose not to follow the scheme as sanctioned by the BIFR. Reference sought as already pointed out was rejected. Hence, the present application. Section 32 of the SICA Act reads as under: "32. Effect of the Act on other laws.-(1) The provisions of this Act and of any rules or schemes made thereunder shall have effect notwithstanding anything inconsistent therewith contained in any other law except the provisions of the Foreign Exchange Regulation Act, 1973 (46 of 1973) and the Urban Land (Ceiling and Regulation) Act, 1976 (33 of 1976) for the time being in fo....
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....pany would follow up the matter with the Industries Department. The reliefs envisaged from SEBI and the Department of Company Affairs in para 8.13 of the scheme, were under BIFR's powers." This apparently shows that the Sales Tax Department had having notice and in fact was represented before the BIFR. In other words, prima facie the contention urged that no notice had been served on the Sales Tax Department is contrary to the record before us and the scheme in which it is so set out. The next question which we have to answer is after the scheme has been sanctioned and the same has been brought to the attention of the appellate authority, could the appellate authority have ignored the scheme. We have already reproduced section 32(1) o....