https://www.taxtmi.com/caselaws?id=5304 Whether a transferor company retains separate identity after amalgamation for tax purposes was decided by reference to the scheme of amalgamation: the transferor loses its corporate entity and ceases its business from the effective date, so its allowances cannot be treated as income of the transferee. The legal effect is that income or deductions attributable to the transferor do not automatically carry over as the transferee's income where the transferor has ceased to exist; accordingly, the amalgamated entity was not liable to pay tax on the transferor's allowances. en-us Tue, 04 Sep 1990 00:00:00 +0530 Tue, 03 Feb 2026 15:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5304 Whether a transferor company retains separate identity after amalgamation for tax purposes was decided by reference to the scheme of amalgamation: the transferor loses its corporate entity and ceases its business from the effective date, so its allowances cannot be treated as income of the transferee. The legal effect is that income or deductions attributable to the transferor do not automatically carry over as the transferee's income where the transferor has ceased to exist; accordingly, the amalgamated entity was not liable to pay tax on the transferor's allowances. Case-Laws Income Tax Tue, 04 Sep 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5304