2023 (7) TMI 1092

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.... to 2004-05 amounting to Rs. 159.87 crores for further period. 2. Petitioner was incorporated on or about 26th February 1987 and was engaged in the business of executing turnkey projects. After 7 or 8 years of operation, Petitioner suffered severe losses. Petitioner is blaming non-availability of working capital funds from the bank and also due to non-recovery from debtors. Due to the mounting loss, Petitioner filed a Reference with the Board for Industrial and Financial Reconstruction (BIFR) under the Sick Industrial Companies (Special Provisions) Act, 1985 (SICA). Petitioner was declared sick by BIFR on 21st April 1999 and IDBI was appointed the operating agency for the purpose of formulating a scheme. 3. Petitioner filed a Draft Re....

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....ed losses of AYs 1998-99 to 2004- 05 amounting to Rs. 159.87 crores beyond the stipulated period of eight years. 2. Your submissions both written and during the course of hearings have been duly examined and considered. 3. Your request to the Board to extend the statutory limit of 8 years for carry forward of Unabsorbed Losses is beyond the powers of CBDT under Section 119(2)(b) of the Act as the same is barred by limitation of time. It is also beyond the purview of section 119(2)(a) of the Act as it involves relaxation of certain provisions of the Act only in respect of certain class of incomes or class of assessees if it is in public interest. Your case does not fall in either of the categories. 4. In view of th....

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....order is amenable to further avenue of challenge. The absence of reasons has rendered the [High Court's judgment] not sustainable. .... 6. Even in respect of administrative orders Lord Denning M.R. in Breen v. Amalgamated Engg. Union observed: (WLR p. 750 G) "The giving of reasons is one of the fundamentals of good administration". In Alexander Machinery (Dudley) Ltd. v. Crabtree it was observed: "Failure to give reasons amounts to denial of justice. Reasons are live links between the mind of the decision taker to the controversy in question and the decision or conclusion arrived at". Reasons substitute subjectivity by objectivity. The emphasis on recording reasons is that if the decision reveals the ....