Provisions of SICA would override provisions of Income Tax Act: ITAT Ahmedabad

Vadilal Dairy International Ltd. Vs ACIT (ITAT Ahmedabad) ITAT Ahmedabad held that provisions of Sick Industrial Companies Act [SICA] would override the provisions of Income Tax Act. Thus, set off of business loss granted on the basis of Board for Industrial and Financial Reconstruction [BIFR] order. Facts- The assessee is a Company engaged in the manufacture of Milk and Milk Products. During the course of assessment proceedings, it was noted from the computation of income that the assessee has set off the business loss of Rs. 4,37,55,674/- for A.Y. 2015-16 against the brought forward business...