2011 (10) TMI 620

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ndent: Shri K. Ramesh, CIT DR.   O R D E R PER N.S. SAINI, ACCOUNTANT MEMBER : This is an appeal filed by assessee for the assessment year 2006-2007 against the order dated 23.02.2011 of Commissioner of Income Tax -III, Coimbatore. 2. The only issue involved in the grounds of appeal of the assessee is that the ld. CIT(A) erred in holding that the company is liable of MAT u/s 115JB....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ficer is erroneous in so far as it is prejudicial to the interest of the revenue. According to the ld. CIT, during the Financial Year 2005- 06 relevant to Assessment Year 2006-07, the net wealth of the company became positive and no longer considered as a sick industrial company within the meaning of section 3(1)(o) of the SICA Act. Therefore, the company cannot be considered as sick industrial co....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... the other hand, the ld. D.R. supported the orders of the ld. CIT. 6. We have heard the rival submissions and perused the orders of the lower authorities and the material available on record. In the instant case, the undisputed facts of the case are that the assessee was a sick industrial company u/s 17(1) of the Sick Industrial Company [Special Provisions] Act, 1985 upto Assessment Year 2006- ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... us. We find that the relevant clause reads as under: "vii) The amount of profit of sick industrial company of the Assessment Year commencing on and from the Assessment Year relevant to the previous year in which said company has become sick industrial company under sub section (1) of section 17 of the Sick Industrial Companies [Special Provisions] Act, 1985 [1 of 1986] and ending with the Asse....