https://www.taxtmi.com/caselaws?id=209370 Section 78(2) of the Income-tax Act permits carry forward and set-off of losses only where succession is by inheritance. A merger or amalgamation of banks is not succession by inheritance, and the successor and predecessor remain distinct for this limited purpose. The successor therefore cannot treat the predecessor's losses as its own merely because the business, assets, and liabilities were taken over or continued. On that reasoning, the assessee was not entitled to carry forward and set off the losses of the merged bank, and the reference was answered against the assessee and in favour of the Revenue. en-us Thu, 28 Oct 2010 00:00:00 +0530 Mon, 22 Jul 2013 18:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=209370 Section 78(2) of the Income-tax Act permits carry forward and set-off of losses only where succession is by inheritance. A merger or amalgamation of banks is not succession by inheritance, and the successor and predecessor remain distinct for this limited purpose. The successor therefore cannot treat the predecessor's losses as its own merely because the business, assets, and liabilities were taken over or continued. On that reasoning, the assessee was not entitled to carry forward and set off the losses of the merged bank, and the reference was answered against the assessee and in favour of the Revenue. Case-Laws Income Tax Thu, 28 Oct 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=209370