https://www.taxtmi.com/caselaws?id=177552 The MAT exclusion for a sick industrial company under clause (vii) of Explanation 1 to section 115JB continues up to and including the assessment year in which the company's net worth first becomes equal to or exceeds its accumulated losses. On the facts, the assessee remained a sick industrial company through the relevant assessment year, and its net worth turned positive in that year itself. The deduction from book profit was therefore allowable for that year and would cease only from the succeeding assessment year. en-us Fri, 14 Oct 2011 00:00:00 +0530 Tue, 12 Jan 2016 14:59:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177552 The MAT exclusion for a sick industrial company under clause (vii) of Explanation 1 to section 115JB continues up to and including the assessment year in which the company's net worth first becomes equal to or exceeds its accumulated losses. On the facts, the assessee remained a sick industrial company through the relevant assessment year, and its net worth turned positive in that year itself. The deduction from book profit was therefore allowable for that year and would cease only from the succeeding assessment year. Case-Laws Income Tax Fri, 14 Oct 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177552