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TMI Blog2016 (5) TMI 474X X X X Extracts X X X X X X X X Extracts X X X X ..... nctioned by the Board of Industrial and Financial Reconstruction (here-in-after called 'BIFR'). Learned counsel for the petitioner raised brief argument 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 as on 31.03.2006 and the scheme sanctioned by BIFR vide its order dated 13.5.2004 had expired on 31.10.2006 hence, Income Tax reliefs cannot be processed. While referring to the judgment of Delhi High Court titled as Director General of Income Tax (Admn.) and Anr., New Delhi vs. Board of Industrial and Financial Reconstruction, New Delhi and ors., in WP(C) Nos. 1940, 1942, 1943, 1945, 1946, 1948-1958 of 2011 decided on 23.03.2011 it is submitted ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat the entitlement of the concessions granted to sick industrial company on its net worth becoming positive was decided against the department by Delhi High Court and the appeal of the department was dismissed by Hon'ble Supreme Court. It was held therein that the concession cannot be denied merely on the ground that the net worth of the company became positive after the scheme was sanctioned. It is further submitted that still the department can consider whether the petitioner is entitled to the benefit under the provisions of Section 41(1) of the Income Tax, 1961. After hearing learned counsel for the parties, we are of the considered view that the legal issue namely the entitlement of relief to industrial unit can not be rejected ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... forcement of the sanctioned scheme. 18. In view of the discussion above there is, thus, no ground made out to exercise jurisdiction under Article 226 of the Constitution of India, since the department seems to be aggrieved by only that part of the impugned orders which tend to bind the department to the sanctioned scheme even after the BIFR has discharged the reference. As observed whether or not the BIFR implements the sanctioned scheme, it continues to bind the Department." Special Leave to Appeal (Civil) filed by the department against the judgment dated 23.03.2011 passed by Delhi High Court was also dismissed by Hon'ble Supreme Court of India on 27.04.2012. A perusal of the impugned communication dated 25.08.2014 shows that the r ..... X X X X Extracts X X X X X X X X Extracts X X X X
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