JCT ELECTRONICS-Out of the Red

prior year's depreciation arrears amounting to Rs 10.7 crore were debited in 1992-93. The substantial tax shield available to the company in the form of investment allowance and accumulated depreciation which should enable the company to enjoy a tax-free status up to 1995 led to a nil tax provision for the year under review. The final retention price for the company's product for the fifth three- year pricing period ending March 31, 1991 was notified by the government only in February 1993 while the same price is being provisionally allowed as the retention price for the subsequent pricing period.