https://www.taxtmi.com/caselaws?id=395631 MAT relief under section 115JB for a company under a BIFR rehabilitation scheme operates only until the relevant assessment year in which its net worth becomes positive; SICA directions do not extend that relief thereafter. The exemption claim therefore failed. Claims to reduce book profit for loan-waiver credits, restructuring entries, and the lower of unabsorbed depreciation or business loss required factual verification and reasoned determination under Explanation 1 to section 115JB. Those adjustment issues, including related rectification claims, required fresh consideration through a speaking order, without granting substantive MAT exemption. en-us Thu, 28 May 2020 00:00:00 +0530 Wed, 06 Nov 2024 11:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395631 MAT relief under section 115JB for a company under a BIFR rehabilitation scheme operates only until the relevant assessment year in which its net worth becomes positive; SICA directions do not extend that relief thereafter. The exemption claim therefore failed. Claims to reduce book profit for loan-waiver credits, restructuring entries, and the lower of unabsorbed depreciation or business loss required factual verification and reasoned determination under Explanation 1 to section 115JB. Those adjustment issues, including related rectification claims, required fresh consideration through a speaking order, without granting substantive MAT exemption. Case-Laws Income Tax Thu, 28 May 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395631