Case Law Details
Case Name : M/s. Mcdowel & Company Ltd. Vs Commissioner of Income Tax (Supreme Court of India)
Related Assessment Year :
Courts :
Supreme Court of India
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Supreme Court held that since the assessee has taken over HPL and HPL has ceased to exist as a legal entity, the income tax will be payable in the hands of the assessee. When the assessee is allowed the benefit of the accumulated losses, while computing those losses, the income which accrued to it had to be adjusted and only thereafter net losses could have been allowed to be set off by the assessee company. Assessee cannot take the advantage of the accumulated losses and refuse tPlease become a Premium member. If you are already a Premium member, login here to access the full content.
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OFFHAND
So far as could be seen, the implications of sec 41 (1), respectively before and after the amendments thereof , by the Finance Act, 1992, wef April 1, 1993 (look up @ indiankanoon.org/doc/1543897/), have not been specifically addressed / argued; so much so, not been gone into and considered by the court (s). For the related commentary and the case law, as applicable to years pre- and post- amendments, also look up the expert commentary in Palkhivala’s Book , Tenth Edition, Vol I- pg. 1091, 1092 and 1093.
In one’s conviction, the instant case is one to which it is clearly the law before the referred 1992 amendment that applies. And, as such, going by a better view, in any event, the earlier SC case – Saraswathi Industrial Syndicate Ltd. (supra) could have been taken as the precedent, to follow !
For a dilation of the point in mind, attention may be invited to the Post on Linkedin.