https://www.taxtmi.com/caselaws?id=335711 Relief under a BIFR rehabilitation scheme must be tested against an objective assessment of the company's actual financial position, and exemption from capital gains tax cannot be claimed as of right merely because the scheme contemplates such consideration. Applying that standard, the Court held that the company's profitability and exit from rehabilitation justified refusal of the exemption, while its continuing liabilities could still be noted. The substantive tax liability was upheld, but interest and penalty for the period during which the dispute remained pending were deleted. en-us Mon, 05 Dec 2016 00:00:00 +0530 Fri, 03 Feb 2017 16:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=335711 Relief under a BIFR rehabilitation scheme must be tested against an objective assessment of the company's actual financial position, and exemption from capital gains tax cannot be claimed as of right merely because the scheme contemplates such consideration. Applying that standard, the Court held that the company's profitability and exit from rehabilitation justified refusal of the exemption, while its continuing liabilities could still be noted. The substantive tax liability was upheld, but interest and penalty for the period during which the dispute remained pending were deleted. Case-Laws Income Tax Mon, 05 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=335711