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MAT Provisions U/s. Section 115JB not applicable to sick company
Case Law Details
- Case Name
- B.V. Reddy Transports Pvt. Ltd. Vs Asst. (ITAT Hyderabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2009-10
- Courts
- All ITAT, ITAT Hyderabad
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B.V. Reddy Transports Pvt. Ltd. Vs Asst. (ITAT Hyderabad)
There is no dispute with the fact that the company has negative networth and has become sick under the repealed Act- Sick Industrial Companies (Special Provisions) Act, 1985. Issuance of certificate u/s. 17 of the SICA does not arise as the Board stand dissolved consequent to repeal of the Act. So, the insistence of AO and the Ld.CIT(A) for a certificate under that Act is not proper. Since the provisions of Section 115JB have not been amended, to that extent the repealed SICA Act is applicable so it has to be applied. Therefore, under t...
