https://www.taxtmi.com/caselaws?id=430542 Section 115JB's exclusion for sick industrial companies under Explanation 1 clause (vii) applies only up to the assessment year during which the company's entire net worth becomes equal to or exceeds accumulated losses; once net worth turns positive the exclusion ceases. The text rejects continuation of the exclusion after discharge from SICA despite a previously sanctioned rehabilitation scheme, noting no provision in Section 115JB or SICA authorises extension. Operatively, book profit tax under Section 115JB is payable in the assessment year when net worth becomes positive and prior lower authority computations are upheld. en-us Tue, 20 Sep 2022 00:00:00 +0530 Tue, 22 Nov 2022 09:02:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430542 Section 115JB's exclusion for sick industrial companies under Explanation 1 clause (vii) applies only up to the assessment year during which the company's entire net worth becomes equal to or exceeds accumulated losses; once net worth turns positive the exclusion ceases. The text rejects continuation of the exclusion after discharge from SICA despite a previously sanctioned rehabilitation scheme, noting no provision in Section 115JB or SICA authorises extension. Operatively, book profit tax under Section 115JB is payable in the assessment year when net worth becomes positive and prior lower authority computations are upheld. Case-Laws Income Tax Tue, 20 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430542