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2019 (2) TMI 1533 - ITAT DELHIClaim of set off of brought forward losses - Conditions prescribed u/s 72A - Relaxation of the conditions from the CBDT - scheme of amalgamation - HELD THAT:- Condition specified in Rule 9C is that the amalgamated company should achieve at least 50% of the installed production capacity of the amalgamating undertaking before the end of four years from the date of amalgamation and continue to maintain the said minimum level of production till the end of five years from the date of amalgamation. The proviso appended to Rule 9C (a) says that the Central Government, on application made by the amalgamated company, may relax the condition of achieving the level of production and the period during which the same is to be achieved or both in suitable cases having regard to the genuine efforts made by the amalgamated company to attain the prescribed level of production and circumstances preventing such efforts from achieving the same- Followed earlier year order - ADM AGRO INDUSTRIES DHARWAD P. LTD.[2018 (11) TMI 1590 - ITAT DELHI] We hold that the CIT (Appeals) was correct in allowing the benefit of set off of brought forward losses. We also add that the department’s contention that the CIT (Appeals) has contravened provisions of Rule 46A of the Rules by admitting additional evidence is also not substantiated by facts on record and, therefore, this plea is also dismissed. - Decided against revenue.
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