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2015 (12) TMI 511 - AT - Income TaxValid ‘demerger’ u/s 2(19AA) - carry forward of loss and unabsorbed deprecation - CIT(A) allowed the claim - Held that:- No infirmity in the order of CIT A() was drawn to our notice by revenue. We are also of the view that CIT (A) has dealt with all the issue raised by AO and giving a categorical finding holding that assessee is eligible for carry forward of unabsorbed loses and unabsorbed depreciation. Further as in the case of demerged company revenue has already taken a stand that the transaction is of Demerger, now it cannot be allowed to take a different stand in case of resulting assessee Company. Revenue cannot blow hot and cold in same breathe. Therefore we confirm the order of CIT (A) and hold that it was a valid demerger as defined u/s 2(19AA) of the Income tax act and assessee company is eligible for benefit of Section 72A (4) for carry forward of losses and unabsorbed depreciation - Decided against revenue.
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