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2010 (10) TMI 846 - HC - Income TaxSet off of the brought forward losses of the State Bank of Jaipur - Carry forward and set off of losses in case of change in constitution of firm - Held that:- Provisions u/s 78(2) do not entitle the assessee to carry forward and set off losses of State Bank of Jaipur because requisite precondition that succeeding company should have derived such losses by way of inheritance has not been fulfilled and for that limited purpose, two companies shall have to be treated two different persons and not same person. Even if in law a company is treated as jurisdictional person, nevertheless, for the purpose of Section 78(2), they would not be the same assessee after merger of two companies as after merger of State Bank of Jaipur with State Bank of Bikaner and with re-christening of the company as State Bank of Bikaner and Jaipur, it cannot be treated to be same "assessee" for income-tax purpose.
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