BIFR judiciary-2

Tax Exemption to encourage Industrialization cannot be equated with Tax Refund

M/s. Ultratech Cement Limited Vs. State Of Gujarat And Ors. (Delhi High Court)

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. ...

BIFR empowered by express provisions of SICA to curtail the rights of shareholders

Tamil Nadu Industrial Development Corporation Ltd. vs. Board For Industrial Reconstruction & Ors. (Madras High Court)

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 ...

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