Supreme Court · 1996 INSC 11 · Decided 3 January 1996
Indian Shaving Products LTD. v. Board of Industrial and Financial Reconstructions & Another
- Court
- Supreme Court of India
- Citation
- 1996 INSC 11 · [1996] 1 S.C.R. 31
- Case number
- CIVIL APPEAL No. 5638/1994
- Decided
- 3 January 1996
- Bench
- S.P. BHARUCHA, S. SAGHIR AHMAD (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 72A
Headnote
SHAVING PRODUCTS LTD. v. BOARD OF INDUSTRIAL AND FINANCIAL RECONSTRUCTIONS & ANOTHER JANUARY 3, 1996 [S.P. BHARUCHA AND S. SAGHIR AHMED, JJ.j Income Tax Acr 196I : Section 72A--Accumulated loss and the unabsorbed depre<.:iation of the a111alglunaling cn1npany shall be deenied to A B be the as a Sick Cnn1pany and sanction for a111algtunation--Sanctinn granted under Section I Ii-Refusal of benefits under Section 72A of the Income Tax Act--Held Requirenzentsfor Sanction under Section 1 Rare sirnilar to declaration under D Sel'tion 12A of the lncrnne Tt.1x Act-Hence, sanction
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