BIFR as a sick company and registered
11.03.2003 BIFR case No.158/2001.
11 03.08.2005 Company declared sick in terms of section ... closed down the factory. Thereafter, the company filed a
reference to BIFR and the company was declared sick by BIFR on 03.08.2005. BIFR after
circulating
revised return the assessee claimed that M/s. OSL being a sick company amalgamated with the assessee w.e.f. 1st February, 1992, under ... rehabilitate/survive the business of the amalgamating company could not arise as business of amalgamating company (sick company OSL) was actually not carried
Counsel for the assessee submitted
that the assessee company is a listed company and became sick. Therefore, the 'BIFR
proceedings' were going through ... submitted that since the assessee
company was a sick company and it had obtained money pursuant to JV agreement, which
action/proposal was approved
company for the assessment year beginning with the assessment year relevant to the previous year in which the said company has become a sick industrial ... years shall not apply to sick companies, during the period the company is treated as a "sick company" under the Sick Industrial Companies
erred in holding that
since the appellant company is a construction company, the provisions of the Sick Industrial
Companies Act, 1985 , are not applicable ... holding company of the assessee
company. The assessee company had negative net assets and as it was a sick industrial
company, under the Government guidelines
worth' of the company turns positive. Thus,
in the present case amount of profits from1995(when the company became sick ... sick company so long as it remains sick under Sub-
Section (1) of the Sick Industrial Companies (Special Provisions) Act and till its
net worth
recover the decretal amount because Marvel was declared as a sick company
by BIFR and therefore appellant lost all hopes of recovery of the decretal ... company. After paying interest for some years, the debtor defaulted in payment of
interest and repayment of principal. The debtor company was declared as sick
sick industrial
company within meanings of section 17(1) of the Sick Companies
(Special Provisions) Act and that the provisions of Section 115JB donot ... this case
on the ground that the assessee company is a sick company within
meanings of Section 17(1) of the Sick Companies (Special Provisions
Assessment Year 2004-05. The entire amount was receivable from a sick company
TIL but not received, which includes loans and advances ... Laxmi Traders A.Y.04-05
accumulate loss TIL became a sick company and was referred to BIFR and BIFR vide its order
dated
this case on the ground that the
assessee company is a sick company within meanings of section 17(1) of the
sick companies (Special Provisions ... Officer will examine the fact regarding the assessee company being a sick
company, and, therefore, outside the ambit of section 115JB . While
upholding the stand
