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Claim of reliefs envisaged by BIFR in Sanctioned Rehabilitation Schemes by sick Companies in their ITRs

Income Tax - F.NO.DIT(R)/BIFR/2016-17/1643 - Dated:- 7-2-2017 - Government of India Directorate of Income-Tax (Recovery) 6th Floor Mayur Bhawan, Connaught Circus, New Delhi - 110001 Ph. No. 011-23411993, Fax No. 011-23413218 F.NO.DIT(R)/BIFR/2016-17/ .....

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ces under the erstwhile Sick Industrial Companies (Special Provisions) Act, 1985 (SICA) which has now been repealed w.e.f. 1-12-2016. On the date of repeal, the processing of reliefs envisaged in the Rehabilitation Schemes approved by BIFR is pending .....

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d the reliefs in their returns. Most of the reliefs envisaged by BIFR are beyond the provisions of Income-tax Act, 1961 as under Sick Industrial Companies (Special Provisions) Act, 1985 (SICA), the BIFR had sweeping powers overriding all provisions o .....

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es are therefore, not automatic and can be claimed and allowed only after approval and issue of appropriate orders by CBDT. As the reliefs are yet to be processed by the Department in several cases, the apprehension that these companies have not alre .....

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