https://www.taxtmi.com/caselaws?id=307759 The Tribunal allowed the set-off of a long-term capital loss from the amalgamating company, emphasizing the successor's inheritance of liabilities and benefits. It permitted the deduction of Fringe Benefit Tax paid in Australia, clarifying that disallowance provisions apply to Indian taxes only. The Tribunal upheld the foreign tax credit claim, directing consideration of Double Taxation Avoidance Agreements. MAT credit for the amalgamating company was allowed, and various other issues were decided in favor of the assessee, ensuring adherence to statutory provisions and maximizing entitled benefits and deductions. en-us Tue, 30 Aug 2022 00:00:00 +0530 Thu, 04 May 2023 21:19:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=307759 The Tribunal allowed the set-off of a long-term capital loss from the amalgamating company, emphasizing the successor's inheritance of liabilities and benefits. It permitted the deduction of Fringe Benefit Tax paid in Australia, clarifying that disallowance provisions apply to Indian taxes only. The Tribunal upheld the foreign tax credit claim, directing consideration of Double Taxation Avoidance Agreements. MAT credit for the amalgamating company was allowed, and various other issues were decided in favor of the assessee, ensuring adherence to statutory provisions and maximizing entitled benefits and deductions. Case-Laws Income Tax Tue, 30 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=307759