https://www.taxtmi.com/caselaws?id=28004 The court ruled against the assessee-company, Hindustan Aeronautics Ltd., stating that it was not entitled to carry forward the losses and unabsorbed depreciation of its predecessor company, Hindustan Aircraft Ltd. The decision was based on the interpretation of section 78(2) of the Income Tax Act and established legal principles, emphasizing that unless there is a succession by inheritance, a successor company in cases of amalgamation cannot carry forward such amounts. The court's decision was in line with previous case law and no costs were awarded. en-us Mon, 20 Jun 1983 00:00:00 +0530 Wed, 17 Feb 2010 13:14:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28004 The court ruled against the assessee-company, Hindustan Aeronautics Ltd., stating that it was not entitled to carry forward the losses and unabsorbed depreciation of its predecessor company, Hindustan Aircraft Ltd. The decision was based on the interpretation of section 78(2) of the Income Tax Act and established legal principles, emphasizing that unless there is a succession by inheritance, a successor company in cases of amalgamation cannot carry forward such amounts. The court's decision was in line with previous case law and no costs were awarded. Case-Laws Income Tax Mon, 20 Jun 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28004