https://www.taxtmi.com/caselaws?id=397899 Section 115JB operates as a self-contained book-profit computation code, and relief linked to a sick company's rehabilitation under the SICA/BIFR framework cannot continue beyond the assessment year in which net worth becomes positive. The MAT exemption claim was therefore rejected. Separate claims for reduction of book profit on account of loan-waiver credits and for deducting the lower of brought-forward loss or unabsorbed depreciation had not been properly examined, and unresolved adjustment issues under the statutory computation scheme required fresh adjudication by a speaking order. The matter on those book-profit adjustments was restored for reconsideration. en-us Thu, 28 May 2020 00:00:00 +0530 Tue, 01 Sep 2020 11:23:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397899 Section 115JB operates as a self-contained book-profit computation code, and relief linked to a sick company's rehabilitation under the SICA/BIFR framework cannot continue beyond the assessment year in which net worth becomes positive. The MAT exemption claim was therefore rejected. Separate claims for reduction of book profit on account of loan-waiver credits and for deducting the lower of brought-forward loss or unabsorbed depreciation had not been properly examined, and unresolved adjustment issues under the statutory computation scheme required fresh adjudication by a speaking order. The matter on those book-profit adjustments was restored for reconsideration. Case-Laws Income Tax Thu, 28 May 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397899