https://www.taxtmi.com/caselaws?id=62355 A company supported by balance-sheet material showing long registration, accumulated losses exceeding net worth, and liabilities far above realizable assets was treated as a sick industrial company under the statutory definition. On that footing, the proviso to section 32 exempted it from the eight-year restriction on carry forward and set-off of unabsorbed depreciation. The appellate authority could examine that statutory exemption even though the Assessing Officer had not expressly dealt with it, and the nature of film exhibition as an industry did not prevent the company from meeting the statutory conditions. en-us Mon, 02 Mar 2009 00:00:00 +0530 Wed, 12 Jun 2013 17:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62355 A company supported by balance-sheet material showing long registration, accumulated losses exceeding net worth, and liabilities far above realizable assets was treated as a sick industrial company under the statutory definition. On that footing, the proviso to section 32 exempted it from the eight-year restriction on carry forward and set-off of unabsorbed depreciation. The appellate authority could examine that statutory exemption even though the Assessing Officer had not expressly dealt with it, and the nature of film exhibition as an industry did not prevent the company from meeting the statutory conditions. Case-Laws Income Tax Mon, 02 Mar 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62355