BIFR Order Overrides Income Tax Act: Set-Off of Losses Beyond 8-Year Limit Against Capital Gains Allowed.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Set off of accumulated losses - Since the order of BIFR is inconsistent with the provisions of IT Act as far as setting off of accumulated losses beyond eight years against capital gin are concerned. But still BIFR order will prevail over the inconsistent provisions of IT Act - AT....