High Court of Karnataka Allows Revenue Appeal in Income Tax Case on Amalgamation Loss Set-off — Unabsorbed Depreciation of Amalgamating Company Cannot Be Set Off Against Amalgamated Company's Business Income Under Section 72A of Income Tax Act, 1961. The court held that the condition of three years business under Section 72A(1)(a) was not satisfied as the power generation business commenced less than three years before amalgamation.
16 Oct 2015The Revenue appealed against the order of the Income Tax Appellate Tribunal (ITAT) dated 10.07.2009, which had allowed the assessee-company to set off...
