The assessee company was declared as a sick company under the provisions of the\u00a0 Sick Industrial Companies (Special Provisions, Act, 1985\u00a0\u00a0 (SICA)\u00a0\u00a0 and rehabilitation scheme was sanctioned by BIFR on 21 st September 2010 with directions for implementation for revival of the assessee. The scheme gave certain\u00a0 tax exemption to the assessee.\u00a0 BIFR has discharged the company from the purview of SICA vide order dt. 16 th August\u00a0 2011. The Assessing Officer held that since the net worth turned positive by implementation of revival scheme the assessee is precluded from relief under section 115JB in view of Expln. 1 (vii) to section 115JB(2) of the Act.\u00a0 On appeal the Tribunal held that though the rehabilitation scheme sanctioned by BIFR for granting relief for a period of 8 years\u00a0 the assessee is precluded from claiming further relief after its net worth turned positive during the said scheme period.\u00a0\u00a0\u00a0 (AY. 2013-14, 2014-15)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 115JB : Book profit-Relief for a period of 8 years-Not entitle to relief from claiming further relief after its net worth turned positive during said scheme period. [S. 115JB(2), Expln. 1 (vii), Sick Industrial Companies (Special Provisions, Act, 1985, S. 17(1), 18(12)] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-27722","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-7d8","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/27722","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=27722"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/27722\/revisions"}],"predecessor-version":[{"id":27723,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/27722\/revisions\/27723"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=27722"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=27722"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=27722"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}