https://www.taxtmi.com/caselaws?id=361454 A sick industrial company under the special enactment was treated as outside the scope of section 115JB because its negative net worth and sick-company status were accepted, and a separate certificate from the dissolved Board was not required after repeal. On that basis, the minimum alternate tax provision was not applied to the assessee, and the addition made under section 115JB was deleted. The alternative argument on whether the credit balance written off was taxable as a capital receipt was not examined further once inapplicability of section 115JB was concluded. 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 A sick industrial company under the special enactment was treated as outside the scope of section 115JB because its negative net worth and sick-company status were accepted, and a separate certificate from the dissolved Board was not required after repeal. On that basis, the minimum alternate tax provision was not applied to the assessee, and the addition made under section 115JB was deleted. The alternative argument on whether the credit balance written off was taxable as a capital receipt was not examined further once inapplicability of section 115JB was concluded. Case-Laws Income Tax Wed, 30 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=361454