https://www.taxtmi.com/caselaws?id=361454 The ITAT allowed the appeal of the assessee, ruling that the company, identified as a sick company with negative net worth, was not subject to Section 115JB. The ITAT held that the company's status exempted it from tax liability under that section, emphasizing that the repealed Sick Industrial Companies (Special Provisions) Act, 1985, was still relevant for determining the applicability of Section 115JB. The discussion on the taxability of capital receipts was deemed academic in light of the company's sick status and exemption from Section 115JB. en-us Wed, 30 May 2018 00:00:00 +0530 Wed, 06 Jun 2018 13:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=361454 The ITAT allowed the appeal of the assessee, ruling that the company, identified as a sick company with negative net worth, was not subject to Section 115JB. The ITAT held that the company's status exempted it from tax liability under that section, emphasizing that the repealed Sick Industrial Companies (Special Provisions) Act, 1985, was still relevant for determining the applicability of Section 115JB. The discussion on the taxability of capital receipts was deemed academic in light of the company's sick status and exemption from Section 115JB. Case-Laws Income Tax Wed, 30 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=361454