Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (1) TMI 931 - AT - Income TaxApplication of Section 115JB of the Act Held that:- The assessee's contended that the Proviso (VII) of Sub Section 2 to S.115 JB applies to the assessee company, as it is a sick industrial company under sub section (1) of S.17 of the Sick Industrial Companies (Special Provisions) Act, 1985 - The Commissioner of Income Tax (Appeals') observed that the application of the assessee have been rejected by the BIFR at its hearing held on 20.1.2004 - The assessee filed an appeal with AAIFR, which remanded the matter back to the BIFR - the BIFR passed a detailed order rejecting the claim of the assessee on 15.5.2007 - The assessee claimed that it has again filed an appeal before the AAIFR and that certain interim orders are passed - the assessee's claim that it is a sick industrial company under SIC Act, 1985, has not been accepted by the concerned authority there was no infirmity in the order of the CIT(A) Decided against Assessee. Non-treatment of Interest received and miscellaneous income Not Credited to P&L A/C as business income - Held that:- The CIT(A') followed the order in the Assessment Year 2004-05 - the unabsorbed depreciation would get absorbed against 'income from other sources', and that unabsorbed business loss could not be absorbed during the year, as the assessee has computed a loss Revenue could not point out that the requirements of S.72 are not fulfilled by the assessee Decided against Revenue.
|