https://www.taxtmi.com/caselaws?id=58609 The Tribunal upheld the disallowance of the assessee's claim for the loss of Rs. 2,19,74,819 due to non-recovery of trade advances, stating that the liabilities of the amalgamated companies became the liabilities of the assessee, resulting in no net loss. Additionally, the Tribunal reversed the allowance of capital loss of Rs. 19,38,900, as there was no transfer or consideration involved in the extinguishment of the assessee's rights in the shares of the merged company. en-us Mon, 30 Apr 1990 00:00:00 +0530 Mon, 20 Dec 2010 18:13:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58609 The Tribunal upheld the disallowance of the assessee's claim for the loss of Rs. 2,19,74,819 due to non-recovery of trade advances, stating that the liabilities of the amalgamated companies became the liabilities of the assessee, resulting in no net loss. Additionally, the Tribunal reversed the allowance of capital loss of Rs. 19,38,900, as there was no transfer or consideration involved in the extinguishment of the assessee's rights in the shares of the merged company. Case-Laws Income Tax Mon, 30 Apr 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58609