Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2020 (7) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (7) TMI 718 - HC - Income TaxBenefit of carry forward of losses u/s 72(A) - brought forward losses of the amalgamating company - non fulfilling requirement of filing of the requisite information in Form No.62 for the third assessment year - HELD THAT:- We do not think that the requirement of filing of the requisite information in Form No.62 for the third assessment year can be said to be a condition precedent or a mandatory condition to allow the Assessee to carry forward such losses under Section 72A of the Act. The said condition of filing the Form No.62, at best, is only directory and non compliance thereof would not disentitle the Assessee to claim such carry forward losses to be set off against the profits of the Assessee company. There is no dispute before us that the fact of crossing of the 50% of installed capacity of its production stood achieved by the Assessee in the present case in the fourth year, as would be clear from the order of the Commissioner of Income Tax (Appeals) for AY 2007-08, which is produced on record and quoted above. No substantial question of law, as claimed by the Revenue Department
|