One of My clint's company is doing Cable operator bussiness. they are providing cable service through under ground optical fiber cable laying by themselves. Now they are in process of amalgamation . My question is that in this case whether section 72A 0r section 79 of income tax will be applicable? Basically i want to know that are cable operator are covered in industrial undertaking/ infrastructure company?
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Amalgamation of Companies
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yes that all the 7 or 8 conditions are to be satisfied in order to get the amalgamation tax free mentioned in 72A and section 79 is not applicable only in case o foreign companies in your case if there are accumilated losses as per IT records and ownership is changing by more than 51% then only section 79 applies and that accumilated loss to the extent of % of shares transfered will be disallowed. they can not be said a industrial undertaking or infra comp.
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