BIFR was a financial reconstruction board set up under finance ministry earlier. The board was empowered to reconstruct a package for sick company in agreement with key stake holders such as creditors/banks. A reconstruction package included relief from taxes, delay to debt payment or easy structure etc. Every BIFR order is unique as the case requires. So what was BIFR order passed for Fiberweb we can only know by seeing the copy of BIFR order. Despite of BIFR order Income Tax circular 5/2009 empowers IT to seek for specific permissions as I said in earlier post. Infact Income Tax has a record of rejecting relief claims, you can find number of issues if you search IT website.
BIFR can only grant concessions or reliefs till the time net worth become positive. To my interpretation and from Andrew Yule case there shouldn’t be any relief extension post BIFR order.
There is another catch, Income tax calculation is done separately for the purpose of income tax return. of course if you are covered (most listed companies are) under 44AB then you need to have a tax audit report. You can arrive tax amount either by a. maintaining tax books (these days rare, double cost) b. passing adjustment entries to statutory financials and create a tax accounting entity (widely followed). The tax audit report, entries passed for adjustment, tax computation and return is a document not available for public inspection.
This is also called popularly as differential disclosures where one thing is disclosed by company in financials and another in tax return. Institutions put a clause to have access before putting money, hence a lot of time when institution starts selling it may be due to something they have seen in tax report which we may not have access.
Not an easy thing to know tax statement of company, not only this one but all companies. What you can check is tax paid from cash flow and tax provision from PL. But if there is no provision or payment you can triangulate to certain extent by comparing accounting policies for expenses, income, differential depreciation etc. But it’s a lot of work, tried once; result were never encouraging the effort.