https://www.taxtmi.com/caselaws?id=400474 A BIFR-sanctioned amalgamation was treated as satisfying the conditions relevant to carry forward loss and unabsorbed depreciation under section 72A of the Income-tax Act, 1961, because the statutory interplay with section 32(2) of the Sick Industrial Companies (Special Provisions) Act, 1985 had already been accepted in the assessee's earlier case. On that basis, the Assessing Officer's allowance of the claim was not regarded as erroneous merely because the Revenue disagreed with it. Revision under section 263 was therefore unavailable, as that power requires both error and prejudice to the Revenue. en-us Tue, 03 Nov 2020 00:00:00 +0530 Tue, 05 Nov 2024 11:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400474 A BIFR-sanctioned amalgamation was treated as satisfying the conditions relevant to carry forward loss and unabsorbed depreciation under section 72A of the Income-tax Act, 1961, because the statutory interplay with section 32(2) of the Sick Industrial Companies (Special Provisions) Act, 1985 had already been accepted in the assessee's earlier case. On that basis, the Assessing Officer's allowance of the claim was not regarded as erroneous merely because the Revenue disagreed with it. Revision under section 263 was therefore unavailable, as that power requires both error and prejudice to the Revenue. Case-Laws Income Tax Tue, 03 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400474