https://www.taxtmi.com/caselaws?id=419002 The sanctioned amalgamation under the sick-industries framework was treated as satisfying the conditions relevant to carry forward and set off losses under Section 72A of the Income-tax Act, because Section 32(2) of the Sick Industrial Companies (Special Provisions) Act, 1985 gave effect to the Board-approved scheme. On that basis, the Assessing Officer's allowance of the loss claim was not erroneous. The Commissioner's revisional power under Section 263 could not be exercised absent both error and prejudice, so revision was not sustainable. The assessee's entitlement to carry forward losses was upheld. en-us Mon, 21 Feb 2022 00:00:00 +0530 Mon, 28 Feb 2022 10:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=419002 The sanctioned amalgamation under the sick-industries framework was treated as satisfying the conditions relevant to carry forward and set off losses under Section 72A of the Income-tax Act, because Section 32(2) of the Sick Industrial Companies (Special Provisions) Act, 1985 gave effect to the Board-approved scheme. On that basis, the Assessing Officer's allowance of the loss claim was not erroneous. The Commissioner's revisional power under Section 263 could not be exercised absent both error and prejudice, so revision was not sustainable. The assessee's entitlement to carry forward losses was upheld. Case-Laws Income Tax Mon, 21 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=419002