Set-off & carry forward of Accumulated loss & unabsorbed depreciation related to amalgamating company – Condition of minimum level of production

Embio Limited Vs ACIT (ITAT Mumbai) A perusal of sub-section(2) of section 72A of the Act r.w.r. 9C of the Rules, which we have extracted earlier, bring out that the one of the condition to be fulfilled by the assessee in order to claim benefit of carry forward and set-off of accumulated losses and unabsorbed depreciation of the amalgamating company is that the amalgamated company, owning an industrial undertaking of the amalgamating company by way of amalgamation, shall achieve the level of production of at least fifty per cent of the installed capacity of the said undertaking before the end ...