1997 (2) TMI 139

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..... d order is bad as it has not been passed taking into consideration profit and loss account of the company and wrongfully showing a profit although profit and loss account shows actually a net loss of substantial amount. It is contended on behalf of the petitioners that such wrong reading of the profit and loss account (wrongfully described in the impugned order as balance sheet) lead to the impugn .....

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..... f the respondents as the decision of the appeal will be then delayed by the petitioner and the respondents will be suffering total loss as assets will be disposed of. 4.After considering the respective contentions of the parties, I find that the impugned order apparently proceeded on a mistake in reading of the records of the petitioner company. The balance sheet as also profit and loss account, .....

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..... the writ petition. The impugned order dated 3rd July, 1996 is modified to this extent that the petitioner company is granted total exemption and its appeal before the Tribunal will be heard and disposed of on merit within a period of six months from the date of production of certified copy of this order. The petitioner company will not be granted unnecessary adjournment in any event. The stay orde .....

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