Set off of accumulated unabsorbed losses under the Income Tax Act

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Last updated: 02 July 2021
Quick Summary
This case concerns Roca Bathroom Products Pvt. Ltd. claiming a set-off of accumulated losses from Espiern Plastics Limited following their amalgamation. The Income Tax Officer disallowed this claim, arguing that the precondition for amalgamation under Section 2(1B) of the Income Tax Act was not met on the appointed date. The Commissioner (Appeals) upheld this decision, interpreting the Act strictly. The assessee appealed, arguing that the 'effective date' of the amalgamation scheme, rather than the 'appointed date', should be considered for satisfying the conditions.

Court :
ITAT Chennai

Brief :
The assessee filed this appeal against the consolidated orders of the Commissioner of Income Tax (Appeals)- 9, Chennai, particularly against the order in ITA Nos.170/17-18 dated 31.07.2019 for the assessment year 2014-15. 

Citation :
I.T.A. No: 2767/Chny/2019

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1 Year PLAN
1999
(Excl. of GST ₹359)

2 Years PLAN
3499
(Excl. of GST ₹629)

BEST VALUE
3 Years PLAN
4999
(Excl. of GST ₹899)

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