Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2015 (1) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (1) TMI 826 - HC - Income TaxSet off of business losses - selection of effective date of amalgamation - Held that:- In view of the provisions Section 79 of the Income Tax Act, we are of the considered opinion that the Tribunal was right in confirming the order of the CIT(A)to allow relief of set off of business losses considering the date of allotment as the actual date of scheme of amalgamation. - Decided in favour of assessee. Deduction u/s.80HHC - Tribunal considered the current year's profit without reducing therefrom the unabsorbed depreciation and unabsorbed investment allowance - Held that:- As decided in CIT v. Shirke Construction Equipment Ltd. [2007 (5) TMI 194 - SUPREME Court] Section 80AB of the Income - tax Act, 1961, specified that profits are those as determined for the purpose of the Act, will apply for determining profits from export business for the purpose of the deduction under Section 80HHC. In determining business profits for the deduction under Section 80HHC the unabsorbed business losses of earlier years under section 72 should be set off. - Decided in favour of revenue.
|