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2013 (1) TMI 62 - HC - Income TaxDeduction u/s 80-I - disallowance as per prohibition contained in sub-section 2 of Section 801 - M/s AA Alloys Ltd. a limited company, got amalgamated with the assessee company - Held that:- Both the revenue and the assessee have placed reliance on the decision in the case of SARASWATI INDUSTRIAL SYNDICATE [1990 (9) TMI 1 - SUPREME COURT] which only supports the view canvassed by the assessee and not as canvassed by the revenue. Moreover, in the present case, the income is only of the very assessee and not of the other company namely M/s AA Alloys Ltd., as the said company ceased to be in existence as on 1-4-1994 and there is no income attributable to this company after this date, but industrial dealing part of the assessee company and its profits and gains are to be examined and brought to tax only in the hands of the respondent-assessee company and therefore the assessee while can claim benefit of Section 80-1 , if otherwise eligible, unless it is hit by non-fulfilment of any of the requirement in terms of sub-section (2) of Section 80-I. The amalgamation does not come within the scope of 'transfer' as defined in Section 2(47) and such being the view taken not only by this court, but Madras High Court and also the Supreme Court, there is no question of holding that the assessee dis entitles the benefit of Section 80-I - in favour of assessee.
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