https://www.taxtmi.com/caselaws?id=273037 A successor company could not deduct a predecessor's unabsorbed wear and tear allowances where the taxing provision required the trade to be computed as if it had begun on the date of succession, making the allowance confined to the successor's own trade. Trading loss relief was likewise personal to the company that sustained the loss, and neither the Companies Act nor an amalgamation scheme could transfer that right to the successor for set-off against its own profits. The statutory scheme therefore prevented pre-succession allowances and losses from being carried forward unless the legislation expressly provided otherwise. en-us Mon, 19 Feb 1940 00:00:00 +0530 Fri, 01 Jun 2018 14:35:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=273037 A successor company could not deduct a predecessor's unabsorbed wear and tear allowances where the taxing provision required the trade to be computed as if it had begun on the date of succession, making the allowance confined to the successor's own trade. Trading loss relief was likewise personal to the company that sustained the loss, and neither the Companies Act nor an amalgamation scheme could transfer that right to the successor for set-off against its own profits. The statutory scheme therefore prevented pre-succession allowances and losses from being carried forward unless the legislation expressly provided otherwise. Case-Laws Income Tax Mon, 19 Feb 1940 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=273037