https://www.taxtmi.com/caselaws?id=789856 A successor company in amalgamation can claim carried-forward losses only where the taxing statute expressly allows it. Under the Kerala Agricultural Income Tax Act, 1991, loss carry-forward is confined to the person who incurred the loss and is limited to eight years, so the amalgamated company could not appropriate the amalgamating company's accumulated losses as its own. A scheme of amalgamation cannot override the taxing statute, and reliance on Dalmia Power Ltd. was inapposite because the factual and statutory setting differed, including the absence of notice to the State and loss periods beyond the carry-forward limit. en-us Mon, 13 Apr 2026 00:00:00 +0530 Wed, 15 Apr 2026 09:05:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=789856 A successor company in amalgamation can claim carried-forward losses only where the taxing statute expressly allows it. Under the Kerala Agricultural Income Tax Act, 1991, loss carry-forward is confined to the person who incurred the loss and is limited to eight years, so the amalgamated company could not appropriate the amalgamating company's accumulated losses as its own. A scheme of amalgamation cannot override the taxing statute, and reliance on Dalmia Power Ltd. was inapposite because the factual and statutory setting differed, including the absence of notice to the State and loss periods beyond the carry-forward limit. Case-Laws Income Tax Mon, 13 Apr 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=789856