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2016 (5) TMI 474 - PUNJAB AND HARYANA HIGH COURT

2016 (5) TMI 474 - PUNJAB AND HARYANA HIGH COURT - TMI - Recovery 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 e .....

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in, Sr. Advocate with Mr. Sachin Bhardwaj, Advocate For The Respondent : Mr. Zora Singh Klar, Advocate RAJESH BINDAL,J The petitioner has filed this petition challenging communication dated 25.08.2014 (Annexure P-9) from Directorate of Income Tax (Recovery) rejecting the prayer of the petitioner for grant of concession in terms of the Scheme dated 13.05.2004 sanctioned by the Board of Industrial and Financial Reconstruction (here-in-after called 'BIFR'). Learned counsel for the petitione .....

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hi and ors., in WP(C) Nos. 1940, 1942, 1943, 1945, 1946, 1948-1958 of 2011 decided on 23.03.2011 it is submitted that the issue was raised by the department by challenging various orders passed by BIFR, without taking recourse to remedy of appeal available under Section 25 of the Sick Industrial Companies (Special Provisions) Act, 1985 on the ground that where sick industrial company's net worth becomes positive, it would entitle the Department to withdraw the concessions which form part of .....

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ted 23.03.2011 passed by Delhi High Court was also dismissed by Hon'ble Supreme Court of India on 27.04.2012. Hence, the rejection of the claim of the petitioner only on the ground that the net worth of the petitioner company having turned positive, the concession as envisaged in the scheme cannot be granted, cannot be legally sustained and the matter deserves to be remitted back to the competent authority to be decided afresh. On the other hand, learned counsel for the respondents raised is .....

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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 only on the ground that company has been discharged by BIFR from the purview of the Sick Industrial Companies (SICA) Act, 1985. The benefits a .....

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partment cannot resile from the concessions made at this stage when the scheme was formulated and sanctioned merely because the net worth of the company at whose behest the scheme was sanctioned has become positive. That part of the sanctioned scheme which remains to be implemented will have to be implemented. A contrary view would result in disastrous consequences. Creditors, employees, shareholders, amongst other dramatis personae will pull in different directions, thus defeating the very purp .....

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