https://www.taxtmi.com/caselaws?id=60258 On amalgamation, the amalgamated company is not entitled to carry forward and set off the amalgamating company's business loss or unabsorbed depreciation unless the Act expressly permits it. The Income-tax Act treats each company as a separate assessee, and the carry forward of business loss under section 72 and unabsorbed depreciation under section 32(2) ordinarily remains confined to the entity that incurred the loss. Although the Act contains specific transfer provisions for certain allowances in limited amalgamation cases, no comparable provision extends these benefits for business loss or unabsorbed depreciation to the amalgamated company. The absence of a statutory exception was decisive, and revision under section 263 was therefore justified. en-us Sat, 27 Nov 1982 00:00:00 +0530 Tue, 04 Jan 2011 14:28:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60258 On amalgamation, the amalgamated company is not entitled to carry forward and set off the amalgamating company's business loss or unabsorbed depreciation unless the Act expressly permits it. The Income-tax Act treats each company as a separate assessee, and the carry forward of business loss under section 72 and unabsorbed depreciation under section 32(2) ordinarily remains confined to the entity that incurred the loss. Although the Act contains specific transfer provisions for certain allowances in limited amalgamation cases, no comparable provision extends these benefits for business loss or unabsorbed depreciation to the amalgamated company. The absence of a statutory exception was decisive, and revision under section 263 was therefore justified. Case-Laws Income Tax Sat, 27 Nov 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60258