https://www.taxtmi.com/caselaws?id=762491 ITAT Rajkot allowed the assessee's appeal regarding carried forward losses and unabsorbed depreciation under Section 72AB following a merger. The Tribunal held that the assessee fulfilled all conditions under Section 72AB and was eligible for set-off of accumulated losses and unabsorbed depreciation. The AO erroneously interpreted provisions requiring completion of mandatory period before claiming benefits. The Tribunal also dismissed Revenue's appeal regarding disallowance under Section 36(1)(viia), ruling that cooperative banks can claim bad debt deduction of 7.5% of total income regardless of rural branch operations, following established precedent. en-us Tue, 17 Sep 2024 00:00:00 +0530 Mon, 02 Dec 2024 07:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762491 ITAT Rajkot allowed the assessee's appeal regarding carried forward losses and unabsorbed depreciation under Section 72AB following a merger. The Tribunal held that the assessee fulfilled all conditions under Section 72AB and was eligible for set-off of accumulated losses and unabsorbed depreciation. The AO erroneously interpreted provisions requiring completion of mandatory period before claiming benefits. The Tribunal also dismissed Revenue's appeal regarding disallowance under Section 36(1)(viia), ruling that cooperative banks can claim bad debt deduction of 7.5% of total income regardless of rural branch operations, following established precedent. Case-Laws Income Tax Tue, 17 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762491