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2017 (9) TMI 490 - BOMBAY HIGH COURTClaim of unabsorbed business loss, depreciation of amalgamated company - Order passed by BIFR u/s 32(2) of SICA r.w.s.72A(2)(ii) of IT Act - as per the order of BIFR, assessee eligible to carry forward business loss & unabsorbed depreciation of amalgamating company maximum of ₹ 75 lakhs - AO disallowed depreciation claim of ₹ 27,09,294/- for AY 1992-93 Tribunal hold provision u/s 72A of the IT Act shall override the provisions u/s 32(2) and 43(6) of the SICA Act. - Held That:- ITAT did not commit an error in confirming the disallowance of depreciation amounting to ₹ 27,09,294/ in respect of the assets of M/s. Modern Stramit (I) Ltd., a Company amalgamated with the appellant-Company, in terms of the order dated 6-5-1992 passed by BIFR. - Decided against the assessee.
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