ITAT Allows Set-Off of Amalgamated Company’s Losses as Section 72A Conditions Were Fulfilled

ACIT Vs Ginza Industries Private Limited (ITAT Kolkata) The appeals filed by the Revenue and the Cross Objections filed by the assessee arose from orders passed by the National Faceless Appeal Centre (NFAC), Delhi, for Assessment Years 2017-18 and 2018-19. Assessment Year 2017-18 The Revenue challenged the order of the Commissioner of Income Tax (Appeals) [CIT(A)] deleting the disallowance of set-off of brought forward losses amounting to Rs.5,19,10,684. The Assessing Officer (AO) had held that the assessee company was not entitled to claim the losses of the amalgamating company, M/s Sunsilk D...