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TMI Blog2014 (4) TMI 169X X X X Extracts X X X X X X X X Extracts X X X X ..... der dated 26.09.2012 requires determination and such determination was to be based on materials called for, and particulars given to the writ petitioner – Held that:- The pleadings do not anywhere disclose that the revenue called for the views or granted any opportunity to the assessee to present its views –it is necessary to examine whether the liability u/s 41(1) and capital gains liability etc. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ming to be a sick company , and declared to be such on 26.10.1994. Apparently, Draft Rehabilitation Scheme (DRS) was devised and eventually sanctioned on 14.01.2003. The Scheme inter alia required consideration by the Income Tax authorities to exempt the company from taxation liability, if any, under Section 41(1) and also exempt it from capital gains tax liability, if any. Further, concessions b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oached this Court again through W.P.(C) 3561/2012 which was again disposed off after hearing it and the Income Tax authorities in terms of the order dated 26.09.2012: It is thus agreed that the respondent give effect to the mandate of the scheme of considering the issue of concession, as set out in the scheme dated14.01.2003 read with the order dated 07.08.2006 and a fresh demand would be ra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o the quantum, and whether such liability enured in respect of further assessment periods. It was submitted during the course of hearing that the Assessment Orders have not been completed or at least made known to the petitioner for some periods. Having regard to the fact that the petitioner is subjected to assessment in Gujarat where it carries on its business activity, this Court is of the opini ..... X X X X Extracts X X X X X X X X Extracts X X X X
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