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TMI Blog2016 (5) TMI 474X X X X Extracts X X X X X X X X Extracts X X X X ..... Hence, the impugned communication deserves to be set aside. The writ petition is accordingly allowed.The impugned communication is set aside and the matter is remitted back to the competent authority to be decided afresh - CWP No. 24563 of 2014(O&M) - - - Dated:- 31-3-2016 - MR. RAJESH BINDAL AND MR. HARINDER SINGH SIDHU, JJ. For The Petitoner : Mr. Pankaj Jain, Sr. Advocate with Mr. Sachin Bhardwaj, Advocate For The Respondent : Mr. Zora Singh Klar, Advocate RAJESH BINDAL,J The petitioner has filed this petition challenging communication dated 25.08.2014 (Annexure P-9) from Directorate of Income Tax (Recovery) rejecting the prayer of the petitioner for grant of concession in terms of the Scheme dated 13.05.2004 sa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the net worth of the company at a later stage had turned positive. Special Leave to Appeal (Civil) filed by the department against the judgment dated 23.03.2011 passed by Delhi High Court was also dismissed by Hon'ble Supreme Court of India on 27.04.2012. Hence, the rejection of the claim of the petitioner only on the ground that the net worth of the petitioner company having turned positive, the concession as envisaged in the scheme cannot be granted, cannot be legally sustained and the matter deserves to be remitted back to the competent authority to be decided afresh. On the other hand, learned counsel for the respondents raised issue regarding entitlement of benefits upto the date the scheme was applicable. He could not disput ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... formulated and sanctioned merely because the net worth of the company at whose behest the scheme was sanctioned has become positive. That part of the sanctioned scheme which remains to be implemented will have to be implemented. A contrary view would result in disastrous consequences. Creditors, employees, shareholders, amongst other dramatis personae will pull in different directions, thus defeating the very purpose for which the sanctioned scheme was formulated in the first instance. 17. Needless to say that if there is a grievance of the Department in respect of any particular case, in as much that the concerned company is not implementing the provisions of the sanctioned scheme, it will be open to the Department to take action, in a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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