We have one company wherein from year 98-99 to 2005-06 , the company was in loss which accrud to Rs. 350 lacs. Since the industry was not recoverable, we didnt apply for BIFR or any other govt.revival scheam. Hence do not possess seek industry certificate.
However all the company's authorised & borrowed capital wiped out. which cleary mean that the company is seek . Also BANK went to DRT and obtained decree award in 2002 to sell comany assets.
In 2007 , we had income of 42 lac from liasoning work. Our CA recommeded that time (Minimum Alternative Tax ) MAT is not applicable since company comes under seek industry. But now IT dept says we need to have SEEK INDUSTRY CERT frm any organisation to get the MAT waiver.
Pls comment and provide any case ref if possible
CAclubindia
