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2016 (12) TMI 1356 - AT - Income TaxSet off of unabsorbed depreciation loss of the amalgamating company carried forward - Held that:- If the text and context of the relevant provisions of section 72A in this regard are taken into consideration, we find that the period of three or more years as specified therein clearly signifies three or more calendar years and not certainly three or more previous years as defined in section 3 of the Act. The term 'previous year' as defined in section 3 of the Act is altogether different and the same, therefore, cannot be adopted to give meaning to the word 'year' used in the relevant provisions of section 72A going by it text and context. The said word clearly signifies the calendar year and since the amalgamating company in the present case was not engaged in the business, in which the accumulated loss occurred or depreciation remained unabsorbed, for three or more calendar years, we are of the view that the condition stipulated in the relevant provisions of section 72A was not satisfied and the assessee-company being amalgamated company was not entitled to claim set off of the brought forward loss of the amalgamating company against its income for the year under consideration. We, therefore, set aside the impugned order of the ld. CIT(Appeals) giving relief to the assessee on this issue and restore that of the Assessing Officer. Addition on account of belated payment of employees' contribution towards P.F. and E.S.I. after the expiry of due dates prescribed in the relevant Statute but before the date of filing the return of income for the year under consideration - Held that:- Both the sides have agreed that the same is squarely covered in favour of the assessee, inter alia, by the decision of the Hon'ble Supreme Court in the case of CIT -vs.- Alom Extrusions Limited [2009 (11) TMI 27 - SUPREME COURT ] and CIT -vs.- Vinay Cement Limited [2007 (3) TMI 346 - Supreme Court of India]. Respectfully following the ratio laid down by the Hon'ble Supreme Court in these cases, we uphold the impugned order of the ld. CIT(Appeals) giving relief to the assessee on this issue Addition on account of short-term capital gain on sale of property by applying the provisions of section 50C - Held that:- We find merit in this contention of the ld. D.R. and since the ld. counsel for the assessee also has not raised any objection in this regard, we restore this issue to the file of the Assessing Officer for deciding the same afresh after examining/verifying the contention of the assessee that the property in question transferred during the year under consideration being in the nature of booking rights and not land and building, section 50C has no application. The Cross Objection of the assessee is accordingly treated as allowed for statistical purposes.
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