Non-filing Form No. 62 cannot disentitle claim of depreciation of amalgamating company

Sunjewels Private Limited Vs DCIT (ITAT Mumbai) ITAT Mumbai held that depreciation of amalgamating company cannot be disallowed merely for non-filing of Form No. 62 which is only directory. Thus, non-compliance of the same would not disentitle the assessee to claim carry forward losses to be set off. Accordingly, appeal allowed. Facts- The assessee has challenged CIT(A)’s order in not allowing set off of Rs. 2,52,04,161/- being brought forward business loss and unabsorbed depreciation of the amalgamating company on the grounds that the assessee has failed to fulfill the conditions prescribed...