Section 115JB benefit Not Available When Net Worth of Sick company Turns Positive

Supertex Industries Ltd Vs DCIT (ITAT Mumbai)

Undoubtedly, the assessee was referred to the board of industrial and financial Reconstruction Under the provisions of the sick industrial Companies act. Assessee was declared a sick company u/s 3 [1] [o] of the SICA. Rehabilitation scheme of the assessee was approved by the board of industrial and financial Reconstruction. It is also undisputed that subsequently by the order dated 16/6/2010 the assessee was discharged from all the onerous liability of sick industrial Companies a

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