ARCOTECH LTD Vs. DIRECTOR OF INCOME TAX

JUDGEMENT

(1.) ARCOTECH Limited, earlier known as SKS Limited, has filed the present writ petition, inter alia, praying for following reliefs:-

(2.) DURING the course of arguments, it is stated that the petitioner is not disputing the applicability and application of Section 115JB of the Income Tax Act, 1961 (Act, for short), but the petitioner claims that in case benefit under Section 72 is granted to the petitioner, then the said benefit should be available to the petitioner in terms of sub-section 3 to Section 115JB of the Act. The aforesaid statement made on behalf of the petitioner is taken on record.

(3.) 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 Companys 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. 72 of the IT Act beyond its provisions.