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2010 (10) TMI 192 - HC - Income TaxSet off and carry forward of loss - Amalgamation of sick industrial company with assessee – Effect of special provisions Act – once the scheme is framed by virtue of section 32 sub-section (1) of SICA the same overrides all other provisions of law including the Income-tax Act 1961 and also other instrument or document having effect by virtue of any law. The Board derives authority under section 120(6) of said Act which itself is overridden.It appears that the text of the said circular dated June 8, 1994 relied on by the Assessing Officer is clearly inconsistent with the provision of the said section 32(2). Neither the civil court nor any other authority including the quasi-judicial authority can pass any order which would impede the operation of the said scheme. In other words, the scheme can be set at naught only by the BIFR or the AAIFR under the said Act itself and not otherwise except by the constitutional provision. - provisions of the said Act which is a special one the income-tax authority cannot have any jurisdiction to render the operation of the said scheme nugatory. Claim u/s 72A - the Tribunal was correct in law in holding that the sanctioned scheme shall be conclusive evidence of fulfilling of requirements regarding consent of the Central Government/Central Board of Direct Taxes Circular No. 683 dated June 8, 1994.
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