Corporate Law : Where a winding up order is passed by court but before final dissolution of company and a reference is made to BIFR under Section ...
Corporate Law : The Government is considering increasing the number of benches in BIFR, the quasi-judicial body that looks at revival of financial...
Company Law : B.V.V. Paper Industries Ltd. vs. Commercial Tax Officer [(2008) 145 Comp. Cas 815 (Mad]) The Petitioner Company became side and a ...
Corporate Law : Learn how the Supreme Court upheld the tax settlement of Niket Udyog Ltd under the SICA Act, as directed by BIFR. Analysis and imp...
Corporate Law : Exemption from tax to encourage industrialization cannot be equated with refund of tax. They are two different legal and distinct ...
Company Law : The Appellant, a State level institution incorporated for the purpose of development of industries in the State, was an equity sha...
Finance, Income Tax : CIRCULAR NO. 5/2009 In supersession to all circulars and instructions of the Central Board of Direct Taxes (CBDT) issued on the a...
Learn how the Supreme Court upheld the tax settlement of Niket Udyog Ltd under the SICA Act, as directed by BIFR. Analysis and implications discussed.
Exemption from tax to encourage industrialization cannot be equated with refund of tax. They are two different legal and distinct concepts. An exemption is a concession allowed to a class or individual from general burden for valid and justifiable reason.
Where a winding up order is passed by court but before final dissolution of company and a reference is made to BIFR under Section 15 of SICA, and then a question will arise that if provisions of Companies Act will prevail or provisions of SICA will prevail. Various courts have discussed this issue in different matters.
The Government is considering increasing the number of benches in BIFR, the quasi-judicial body that looks at revival of financially sick companies, Finance Minister Pranab Mukherjee said yesterday. Board of Industrial and Financial Reconstruction (BIFR) currently has only three benches, which is one of the reasons why revival or winding up cases get dragged for years.
CIRCULAR NO. 5/2009 In supersession to all circulars and instructions of the Central Board of Direct Taxes (CBDT) issued on the above subject, the CBDT prescribes the following procedure to be followed before the Board for Industrial and Financial reconstruction (BIFR) and the Appellate Authority for Industrial and Financial Reconstruction (AAIFR) in respect of granting Income tax reliefs/concessions to be given to sick companies for its rehabilitation under the Sick Industrial Companies (SICA) Act, 1985.
B.V.V. Paper Industries Ltd. vs. Commercial Tax Officer [(2008) 145 Comp. Cas 815 (Mad]) The Petitioner Company became side and a reference was filed before the Board for Industrial & Financial Reconstruction (BIFR) u/s. 15(1) of Sick Industrial Companies (Special Provisions) Act, 1985 (SICA) for declaring the company a sick company and also for effecting […]
The Appellant, a State level institution incorporated for the purpose of development of industries in the State, was an equity shareholder in the Third Respondent Company. The company was referred to the Board For Industrial Reconstruction (BIFR) for the purpose of framing a scheme for rehabilitation. The Board approved the draft revival scheme and circulated the scheme seeking suggestions and objections of the shareholders including the Appellant.
