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2014 (12) TMI 1315 - AT - Income TaxDisallowance of unabsorbed business loss and unabsorbed depreciation against business income and long term capital gains - whether the plant and machinery was put to use in the business of the appellant company? - scheme of amalgamation - Held that:- We, from the observation of the CIT, are clear that the section 72A and CBDT Circular explaining the above provision did not apply to the assessee company inasmuch as the fact that assessment company was the amalgamated company and not the amalgamating company. In such circumstances, according to us, the CIT(A) has not correctly interpreted this provision of section 72A of the Act. Assessee is entitled for the claim of unabsorbed business loses and depreciation available for set off in the AY 2011-12. From the above, it is clear that the scheme of merger approved by Hon'ble High Court is in itself appreciation of facts that the merger and the amalgamation was carried out for the revival of the amalgamating company and that the amalgamation did serve genuine business purpose and hence, sec. 72A of the Act will not apply to the case of the assessee, being the amalgamated company and not the amalgamating company. Disallowance of expenses debited on account of professional service charges for non-deduction of TDS u/s. 194J - addition u/s 40(a)(ia) - Held that:- The assessee stated that the assessee has deducted TDS on the above amounts of ₹ 2,62,492/- but could not produce the details before CIT(A) or before AO as the documents were not available or could not be traced at the relevant point of time. Accordingly, the assessee requested for setting aside the to the file of the AO. Ld. Sr. DR has not objected to the setting aside of this issue for verification of TDS deducted to the file of the AO. In term of the above, we remit this issue back to the file of the AO for verification of TDS deducted by the assessee. The AO will decide accordingly. This issue of assessee’s appeal is allowed for statistical purposes.
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