The Arvind Mills Ltd, Ahmedabad vs Assessee on 17 April, 2013
आयकर अपील य अ
N.K. Proteins Pvt. Ltd.,, Ahmedabad vs The Deputy Commissioner Of Income Tax, ... on 16
failed to
appreciate that there is no benefit of having a sick company. Further, the
assessee company is sick company under BIFR since
failed to
appreciate that there is no benefit of having a sick company. Further, the
assessee company is sick company under BIFR since
comply with Accounting Standard-15
"Employee Benefits". Through inadvertence, the same is
mentioned as Retirement Benefits in the last submission. We
further wish ... perused but it is not acceptable. The
provision of sick leave is in the benefit of the employee. The acturial
valuation of SL (sick leave
file return within time allowed u/s 139(1) to get
benefit of carrying forward loss u/s 139(3) , and to that extent ... give benefit of
Explanation 1 (vii) to section 115JB(2) of reducing currents years profits of
sick units (if so.)"
4.4 Aggrieved
book profit shall be reduced by
the amount of profits of the sick industrial company for the assessment
year commencing on and from ... said company has become a sick industrial company under
sub section (1) of Sec. 17 of the Sick Industrial Companies Act, 1985
and ending with
Income Tax Act . Thus the assessee cannot be denied the
benefit of Section 72(3) of the Act.
I.T.A No. 453/Ahd/2020 ... special enactment, the purpose of which is
rehabilitation and revival of sick industries. The provisions of section 32(2)
thereof read as under
held
that the proceedings u/s 147 are meant for the benefit of revenue
and not for assessee, the assessee cannot be permitted to
convert ... assessment proceedings into an appeal or
revision in disguise and sick leave in respect of items earlier
rejected or claim relief in respect of items
legal
proposition that u/s.72 an amalgamated company can avail the benefit of
the loss, or as the case may be, the allowance ... Court has said that the scheme
of amalgamation in respect of a sick unit was to be sanctioned by BIFR