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2017 (7) TMI 1217 - HC - Income TaxSet off of current year looses and brought forward losses/unabsorbed depreciation - scheme of amalgamation - Held that:- Assessing Officer is directed to allow set off of current year looses and brought forward losses/unabsorbed depreciation of M/s. Modern Terry Towels Ltd. as per Section 72A against the income of the appellant. At the same time, the AO shall pass a protective assessment order in the case of appellant for A.Y. 2010-11 presuming that no amalgamation has taken place. In case, the amalgamation scheme were not to be sanctioned by BIFR or the higher Courts with effect from 01-01-2008, then the protective assessment completed by the AO shall prevail over the substantive assessment. This ground of appeal is allowed.
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