Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2020 (9) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (9) TMI 1018 - HC - Income TaxAllowing set off of losses of amalgamating company against the profits of assessee amalgamated company - HELD THAT:- In order to claim benefit of set off, of accumulated loss, the amalgamated company has to satisfy the conditions laid down in 72A(2)(a)(b) and (c). It is pertinent to note that Sub-Section (2) starts with a non obstante clause. In other words, it shall have effect notwithstanding other provisions of the Act. Thus, the compliance with the conditions prescribed in Section 72A(2) of the Act is mandatory. Tribunal has not adverted to the aforesaid aspect of the issue and has not satisfied itself whether the assessee has complied with the conditions laid down in Section 72A(2) of the Act is sine qua non, to enable the assessee to claim the benefit of the set off under Section 72A of the Act. Since, the aforesaid aspect requires factual adjudication, therefore, we deem it appropriate to remit the matter to the Tribunal afresh for adjudication. In view of preceding analysis, it is not necessary to answer the substantial questions of law framed by this court.
|