Aggregate unabsorbed depreciation and loss reduction from book profit allowed where board suspension or admitted insolvency applies. The amendment permits reduction of the aggregate amount of unabsorbed depreciation and carried forward loss (excluding depreciation) from book profit for a company, its subsidiary and the subsidiary of such subsidiary where the Tribunal has suspended the board and appointed Central Government-nominated directors; it also defines subsidiary as holding more than half the nominal equity share capital and excludes depreciation from the definition of loss.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Aggregate unabsorbed depreciation and loss reduction from book profit allowed where board suspension or admitted insolvency applies.
The amendment permits reduction of the aggregate amount of unabsorbed depreciation and carried forward loss (excluding depreciation) from book profit for a company, its subsidiary and the subsidiary of such subsidiary where the Tribunal has suspended the board and appointed Central Government-nominated directors; it also defines subsidiary as holding more than half the nominal equity share capital and excludes depreciation from the definition of loss.
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