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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/2016-17/1643 Dated 07/02/2017 To All Pr. Chief Commissioner of Income Tax (Cadre Controlling Authorities) Madam /Sir Sub : - reg. The BIFR Unit of Directorate of Income-tax (Recovery) looks after the work relating to sick companies who had have filed referen .....

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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 of various laws including Income-tax Act. However, in most of the cases, these reliefs envisaged by BIFR from the Department are for consideration and approval of the competent authority i.e. CBDT. The reliefs/concessions envisaged by BIFR in such cas .....

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