https://www.taxtmi.com/caselaws?id=286881 Section 115JB Explanation 1(vii) allows a sick industrial company to reduce profits for MAT computation from the year it became sick until the year its net worth equals or exceeds accumulated losses. The Tribunal's analysis states that abatement of BIFR proceedings did not, by itself, remove the company from the scope of this special adjustment, and later SARFAESI proceedings did not override the provision. Because the assessee's net worth remained negative, the reduction in book profit was allowable and the connected Revenue grounds became academic. en-us Thu, 22 Nov 2012 00:00:00 +0530 Thu, 19 Mar 2020 12:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286881 Section 115JB Explanation 1(vii) allows a sick industrial company to reduce profits for MAT computation from the year it became sick until the year its net worth equals or exceeds accumulated losses. The Tribunal's analysis states that abatement of BIFR proceedings did not, by itself, remove the company from the scope of this special adjustment, and later SARFAESI proceedings did not override the provision. Because the assessee's net worth remained negative, the reduction in book profit was allowable and the connected Revenue grounds became academic. Case-Laws Income Tax Thu, 22 Nov 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286881