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2022 (4) TMI 1283 - HC - Income TaxSet off of loss of the Company merged with it as per the Scheme formulated and sanctioned by BIFR and approved by AAIFR - Whether Tribunal was right in law in not permitting the set off of loss when the Nodal Authority / Director General of Income Tax has conveyed its approval for grant of reliefs and concessions under section 139(3) and 79 read with 72A of the Income Tax Act besides waiver of interest, penal interest, penalties etc. under Income Tax Act? - HELD THAT:- The appellant / assessee as well as the respondent / Revenue jointly, referring to the judgement [2019 (2) TMI 1780 - MADRAS HIGH COURT] in respect of the assessee's own case relating to the assessment year 2004-05, the identical question of law was raised in that case and the same was decided in favour of the assessee and against the Revenue.
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