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2014 (5) TMI 160 - SC - Income TaxSet off of losses u/s 72 of the Act - Amalgamation of societies – Societies in existence or not – Held that:- The contention of the assessee that the purpose of getting carried forward losses adjusted or set off against the profits of subsequent years, there must be some provision in the Act cannot be accepted - If there is no provision, the societies which are not in existence cannot get any benefit - The losses were suffered by the societies which were in existence at the relevant time and their existence or legal personality had come to an end upon being amalgamated into another society - the societies had no right under the provisions of the Act to file a return to get their earlier losses adjusted against the income of a different legal personality. The order of the HC is upheld that as there is no provision under the Act for setting off accumulated losses of the amalgamating societies against the profits of the amalgamated society, the assessee society could not have got the benefit of carrying forward losses of the erstwhile societies which were not in existence during the relevant Assessment Year – Decided against Assessee.
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