Set Off Unabsorbed Losses: Income Tax Act Rules

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

Daily Limit Reached