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Dear Colleagues,
Financial of ABC P.LTD. for f.y. 2014-15 was under.
Rs. in lacs
Share capital 63
Reserves nil
o/b of accum. Loss 564
f.y. profit 279
expl vii) to sec 115JB(2) Which read as under.
if any amount referred to in clause (j) is not credited to the profit and loss account, and as reduced by,— (vii) the amount of profits of sick industrial company for the assessment year commencing on and from the assessment year relevant to the previous year in which the said company has become a sick industrial company under sub-section (1) of section 17 of the Sick Industrial Companies (Special Provisions) Act, 1985 (1 of 1986) and ending with the assessment year during which the entire net worth of such company becomes equal to or exceeds the accumulated losses.
Explanation.—For the purposes of this clause, "net worth" shall have the meaning assigned to it in clause (ga) of sub-section (1) of section 3 of the Sick Industrial Companies (Special Provisions) Act, 1985 (1 of 1986); or
Though the company’s net worth is much lesser than accumulated losses, is not registered under BIFR
My querry :
IS MAT applicable?
Regards
c.a.paresh zatakia
9833855518
is MAT applicable?
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