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2002 (9) TMI 49 - HC - Income TaxThe issue for our consideration in this appeal is whether unabsorbed loss can be carried forward and allowed in the case of this assessee when the loss was suffered by four co-operative societies in the preceding year? - Sub-section (2) of section 78 also extends the benefit of carry forward or set off of losses in case of succession. As in the case in hand, after the merger of the four societies a new federation has come into existence. After the merger of the four societies it cannot be said that the federation has succeeded or inherited the four societies on April 1, 1993. Therefore, under sub-section (2) of section 78 also, the benefit of carry forward and set off of losses of the four societies also cannot be allowed in the hands of the assessee-federation. - In the result, we find no infirmity in the order of the Tribunal in denying the benefit of carry forward and set off of losses suffered by the four societies against the income/profit of the assessee-federation in the assessment year in hand.
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