Loss on writing-off of irrecoverable advances under scheme of amalgamation cannot be carried forward for set off in subsequent years

CA Sandeep Kanoi

Facts of the case – Appellant is a company carrying on business of manufacturing of transformers, switch gears, electrical products, home appliances, etc.. It also has an engineering and project division. The Appellant filed the returns of income for the Assessment  Year 2002-­2003 declaring the total income under normal provisions as  well as under Section 115JB of the Income Tax Act, 1961 at Rs.NIL.  During the previous year relevant to the Assessment Year 2002­-2003,

Please become a Premium member. If you are already a Premium member, login here to access the full content.