Supreme Court of India
Director General of Income Tax (admn.) & Anr. v. M/s. Gtc Industries Ltd. & Anr.
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What the Court ordered
In view of the aforesaid orders passed by the Board as well as Appellate Authority refusing to give extension to the Company in respect of the sanctioned Scheme.
Judgment, page 11
From the headnote
Sick Industrial Companies (Special Provisions) Act, 1985 - ss. 18(5) and 22(1) - Respondent-company declared a sick company by Board of Industrial and Financial Reconstruction (BIFR) - Scheme for reconstruction/rehabilitation sanctioned - Certain income tax reliefs including the relief 'to consider waiving of interest and penalty' kept under the Scheme - Rehabilitation period was for eight years from 31.3.2003 to 31.3.2011 - In the year 2007, the company was discharged from the purview of the Act as it ceased to be a sick undertaking on its net worth turning positive - Thereupon, Revenue made
Authorities it was built on
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