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Madras HC Allows Loss & Depreciation Set-Off After Transport Corporation Amalgamation
Case Law Details
- Case Name
- CIT Vs Tamil Nadu State Transport Corporation (Kum Div.I) Limited (Madras High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Madras High Court
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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-amalgamation, assessees claimed carry fo...
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