https://www.taxtmi.com/caselaws?id=356770 ITAT KOLKATA - AT held that accumulated losses of the amalgamating companies vest in the amalgamated assessee pursuant to the scheme approved by the HC, thus allowing set-off under ss.72 and 74; the CIT-A's objection under s.72A was rejected and Grounds 1-2 were allowed. The tribunal also reversed disallowance of a long-term capital loss where the revenue failed to discharge its burden; applying the SC's ratio on burden of proof, it held the disallowance was based on conjecture and allowed long-term capital loss of Rs.62,12,753/-, permitting carry-forward under s.74. en-us Fri, 09 Mar 2018 00:00:00 +0530 Tue, 16 Jun 2026 10:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=356770 ITAT KOLKATA - AT held that accumulated losses of the amalgamating companies vest in the amalgamated assessee pursuant to the scheme approved by the HC, thus allowing set-off under ss.72 and 74; the CIT-A's objection under s.72A was rejected and Grounds 1-2 were allowed. The tribunal also reversed disallowance of a long-term capital loss where the revenue failed to discharge its burden; applying the SC's ratio on burden of proof, it held the disallowance was based on conjecture and allowed long-term capital loss of Rs.62,12,753/-, permitting carry-forward under s.74. Case-Laws Income Tax Fri, 09 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=356770