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2016 (5) TMI 474 - HC - Income TaxRecovery proceeding - Grant of concession in terms of the Scheme sanctioned by BIFR - concession denied on the ground that the net worth of the petitioner company having turned positive - Held that:- A perusal of the impugned communication dated 25.08.2014 shows that the rejection of the claim of the petitioner is merely on the ground that the net worth of the petitioner company had become positive. The operative period of the scheme had expired on 31.10.2006. The issue has not been considered in the light of the observations made in the scheme formulated by the BIFR. Hence, the impugned communication deserves to be set aside. The writ petition is accordingly allowed.The impugned communication is set aside and the matter is remitted back to the competent authority to be decided afresh
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