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| The Tax Publishers2020 TaxPub(DT) 2386 (Mum-Trib) : (2020) 185 ITD 0576 : (2020) 206 TTJ 0148 : (2020) 081 ITR (Trib) 0041 INCOME TAX ACT, 1961
Section 115JB, Expln. 1(vii)
Since assessee was discharged by SICA on 16-8-2011 and its net worth turned positive by virtue of implementation of revival scheme, assessee would be precluded from relief under section 115JB in view of Explanation 1(vii) to section 115JB(2) and, therefore, no relief would be available from assessment year 2011-12 onwards.
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MAT - Assessee earlier declared as sick company seeking relief under section 115JB in view of Explanation 1(vii) to section 115JB(2) - Assessee discharged by SICA on 16-8-2011 and its net worth turned positive by virtue of implementation of revival scheme -
Assessee earlier stood declared as sick company under Sick Industrial Companies (Special Provisions) Act, 1985 (SICA) sought for relief under section 115JB in view of Explanation 1(vii) to section 115JB(2). AO denied this.Held: Since assessee was discharged by SICA on 16-8-2011 and its net worth turned positive by virtue of implementation of revival scheme, assessee would be precluded from relief under section 115JB in view of Explanation 1(vii) to section 115JB(2) and, therefore, no relief would be available from assessment year 2011-12 onwards.
Distinguished:CIT v. Tube Investments of India ltd. 92012) 341 ITR 199 (Mad) : 2012 TaxPub(DT) 784 (Mad-HC).
REFERRED :
FAVOUR : Against the assessee.
A.Y. : 2013-14 & 2014-15
IN THE ITAT, MUMBAI BENCH
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