https://www.taxtmi.com/caselaws?id=218165 The Tribunal upheld the CIT(A)'s decision allowing the assessee company to carry forward and set off business losses/unabsorbed depreciation from earlier assessment years post-amalgamation. The Tribunal found that the amalgamation was not solely for the benefit of carrying forward losses, and there was no violation of provisions. It held that section 72A did not apply to the brought forward losses of the amalgamated company. The Tribunal emphasized the High Courts' approval of the amalgamation scheme, stating that once sanctioned, it binds all parties, including tax authorities. Consequently, both appeals by the Revenue were dismissed. en-us Mon, 28 May 2012 00:00:00 +0530 Tue, 06 Nov 2012 07:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=218165 The Tribunal upheld the CIT(A)'s decision allowing the assessee company to carry forward and set off business losses/unabsorbed depreciation from earlier assessment years post-amalgamation. The Tribunal found that the amalgamation was not solely for the benefit of carrying forward losses, and there was no violation of provisions. It held that section 72A did not apply to the brought forward losses of the amalgamated company. The Tribunal emphasized the High Courts' approval of the amalgamation scheme, stating that once sanctioned, it binds all parties, including tax authorities. Consequently, both appeals by the Revenue were dismissed. Case-Laws Income Tax Mon, 28 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=218165