Company Ineligible for Tax Benefits Due to Insufficient Shareholding u/ss 2(1B) and 72A.

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....Set off of accumulated unabsorbed losses - scheme of amalagamtion conceived - As on 31.03.2013, the assessee company had only 26% of equity shares in the transferor company, and therefore, the provisions of section 2 (1B) r.w.s 72A of the Income Tax Act have not been complied with by the assessee. Since, the assessee company did not have 3/4th of the shares of the transferor company as on 31.03.2013, the appointed date being 01.04.2013, the assessee is not entitled to the claim of carry forward and the set off of loss of the transferor company as on 31.03.2013. - AT....