Approved scheme of amalgamation is binding on Income-tax authorities

DCIT Vs G. K. & Sons Pvt. Ltd. (ITAT Kolkata) ITAT Kolkata held that the scheme of merger/ amalgamation once approved by the Hon’ble High Court is binding on the Income-tax authorities and cannot be disturbed/reconsidered. Facts- AO required the assessee to explain why the brought forward losses under the two heads should not be disallowed in terms of provision of section 79 of the Act, since the beneficial ownership of 51% voting rights has changed with amalgamation taking effect from 01.04.2010 and also why the losses claimed to be carried forward in future year should not be disallowe...