2017 (11) TMI 1555

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..... section 154 contending that the period for filing returns was extended by the BIFR by one year till December 31, 2001 - Held that:- The court is of the opinion that both the lower authorities did not give sufficient weightage to the fact that BIFR extended the period for filing the returns till December 31, 2001. This was expressly recognizing the fact that a new management had taken charge in 199 .....

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..... e the findings of the lower authorities denying the carry forward of losses and depreciation for the assessment year 2001-02. The narrow ground on which these benefits were denied was that the assessee-company which had been declared sick and was facing the supervision under the Board for Industrial and Financial Reconstruction ( BIFR ) was subject to the above scheme that ended on March 31, 2000. .....

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..... come-tax Appellate Tribunal's decision is unsupportable in law. 5. The court is of the opinion that both the lower authorities did not give sufficient weightage to the fact that BIFR extended the period for filing the returns till December 31, 2001. This was expressly recognizing the fact that a new management had taken charge in 1996 pursuant to the freshly approved scheme and furthermore .....

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