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TMI Blog2011 (11) TMI 9X X X X Extracts X X X X X X X X Extracts X X X X ..... in view of their contentions, the statement of profit and the cash flow statement. - WRIT PETITION(CIVIL) NO. 448/2011 - - - Dated:- 1-11-2011 - MR. JUSTICE SANJIV KHANNA, MR. JUSTICE R.V.EASWAR, JJ. For Appellant: Mr. Sandeep Sethi, Sr. Advocate with Mr. Siddharth Bhatnagar, Ms. Sonia Dube, Mr. S. Chakraborty Ms. Kanchan Yadav, Advocates. For Respondents: Mr. D.R. Jain Mr. Sanjeev Sabharwal, Sr. Standing Counsel. O R D E R Arcotech Limited, earlier known as SKS Limited, has filed the present writ petition, inter alia, praying for following reliefs:- (a) Issue a Writ of and/or in the nature of Mandamus directing the Respondents each of them to comply with order dated 18.11.2004 and 24.06.2009 passed by BIFR, inte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 115JB of the Act. The aforesaid statement made on behalf of the petitioner is taken on record. 3. By the impugned order dated 19th January, 2010, the relief prayed for by the petitioner under Section 72 of the Act has been rejected for the following reasons: 4. Relief u/s. 72:- Initially the company has asked for this relief in its correspondence. However, later on this section has been omitted from the request letter dated 17.07.2009. The company vide its letter dated 15.10.2009 has also given the details of brought forward business loss since AY 98-99 which can be carried forward till AY 2006-07. The Company s net worth became positive in Y 2005-06 as per SOP dated 24.06.2009. In this light also no relief has been considered u/s. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d to 20% and accordingly 80% of the share capital along with reserves and surpluses to the tune of Rs.41.69 crores were adjusted against accumulated losses. Further, the company had arranged for funds by selling for their assets and from sale of personal assets of the promoter and infusion of funds by the promoter to the extent of Rs.18.30 crores for relocating the machinery, construction of the factory building at the new plant site, de-commissioning of the plant and to augment the working capital. Along with this letter, the petitioner had enclosed projected cash flow statement, the then situation of cash availability etc. It is the contention of the petitioner that the cash flow statement was enclosed with the sanctioned scheme. Learned ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... further submitted that the company did not file any details to support their contention for relief or concession under Section 72 of the Act. 7. The draft scheme, as is placed on record, envisaged that the Central Government would consider waiver of income tax demand/interest and carry forward of business losses and depreciation and set off against future profit, if any, beyond nine years. The sanctioned scheme envisaged that the Central Government shall consider grant of usual tax and other reliefs and concessions to the petitioner company. Order dated 24th June, 2009 passed by the BIFR further records that the Bench had reiterated and directed the income tax authority and DGFT to implement the provisions of SS-04 with regard to relie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is necessary. It is clarified that this Court has not expressed any opinion on the question whether or not relief/concession under Section 72 of the Act should be granted to the petitioner as it falls exclusively within the domain of the respondent authorities. The respondent authorities will pass an order expeditiously and preferably within a period of four months from today. While examining the question of concession/relief under Section 72, the question of delay in filing of return and in case benefit under Section 72 is granted to the petitioner, whether the said benefit will be also available to the petitioner assessee in terms of sub-section 3 to Section 115JB of the Act, will be examined. 10. The writ petition and all pending appl ..... X X X X Extracts X X X X X X X X Extracts X X X X
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