The Income Tax Department has asked Assessing Officers to scrutinise tax relief being claimed by sick companies as part of the rehabilitation scheme approved by the BIFR. The tax relief for sick companies approved by Board for Industrial and Financial Reconstruction (BIFR) under Sick Industrial Companies Act, 1985 will not automatically apply as the SICA has been repealed with effect from December 1, 2016.
Shailesh Kumar, Director – Direct Taxation shares his views on aforementioned story for PTI(News Agency).
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