Mark-to-Market losses on principal-protected debentures are deductible as business expenditure when the obligation is crystallized under mercantile ac...
Page of 4814
Press 'Enter' after typing page number.
5701 to 5720 of 96262 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
The Kerala Agricultural Income Tax Act, 1991 does not allow an amalgamated company to treat the amalgamating company's losses as its own for set-off. Section 12 permits carry forward only by the person who actually sustained the loss, and Section 54 on succession to business deals with assessment and recovery of dues, not transfer of loss relief to the successor. The scheme of amalgamation could not create a tax benefit absent in the statute. In any event, the claimed losses for the relevant year were beyond the eight-year carry-forward limit under Section 12, so the set-off was barred. The appeals were dismissed.
The Kerala Agricultural Income Tax Act, 1991 does not allow an amalgamated company to treat the amalgamating company's losses as its own for set-off. Section 12 permits carry forward only by the person who actually sustained the loss, and Section 54 on succession to business deals with assessment and recovery of dues, not transfer of loss relief to the successor. The scheme of amalgamation could not create a tax benefit absent in the statute. In any event, the claimed losses for the relevant year were beyond the eight-year carry-forward limit under Section 12, so the set-off was barred. The appeals were dismissed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4814 
Join Channel 
