https://www.taxtmi.com/caselaws?id=429346 The ITAT dismissed the revenue's appeal, affirming the CIT(A)'s ruling that the accumulated losses of the amalgamating companies would transfer to the amalgamated company and could be offset against its income under Sections 72 and 74 of the Income-tax Act. The decision was based on the High Court's approved merger scheme, deeming the losses as belonging to the amalgamated entity. The ITAT upheld the CIT(A)'s order, highlighting the binding nature of the court-approved scheme and rejecting the revenue's arguments against the legitimacy of the losses claimed by the assessee. en-us Thu, 20 Oct 2022 00:00:00 +0530 Sat, 22 Oct 2022 10:05:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=429346 The ITAT dismissed the revenue's appeal, affirming the CIT(A)'s ruling that the accumulated losses of the amalgamating companies would transfer to the amalgamated company and could be offset against its income under Sections 72 and 74 of the Income-tax Act. The decision was based on the High Court's approved merger scheme, deeming the losses as belonging to the amalgamated entity. The ITAT upheld the CIT(A)'s order, highlighting the binding nature of the court-approved scheme and rejecting the revenue's arguments against the legitimacy of the losses claimed by the assessee. Case-Laws Income Tax Thu, 20 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=429346