Madras HC Allows Loss & Depreciation Set-Off After Transport Corporation Amalgamation

CIT Vs Tamil Nadu State Transport Corporation (Kum Div. I) Limited (Madras High Court)

Conclusion: Assessees were qualified as companies owning an industrial undertaking within the meaning of Section 72A. Accordingly, the carry forward and set-off of accumulated business losses and unabsorbed depreciation of the amalgamating transport corporations was allowable.

Held: Assessees, TNSTC Kumbakonam Limited and TNSTC Villupuram Limited, were formed pursuant to amalgamation of various divisions of Tamil Nadu State Transport Corporation. Post-amal

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