Section 72A(7) Hospitals can’t be treated as an Industrial Undertaking for Set Off of Unabsorbed Depreciation

M/s. Healthcare Global Enterprises Ltd. Vs. JCIT (ITAT Bangalore) Hon’ble Madras High Court  in the case of ACIT Vs. Apollo Hospitals Enterprises Ltd., which was the same as the the present case decided on the issue as to whether the hospital can be considered as an industrial undertaking under clause (aa) of sub section 7 of section 72A of the IT Act. In that case, a scheme was approved to amalgamate M/s. Deccan Hospital Corporation Limited (in short ‘DHCL’), running a Hospital at Jubilee Hills, Hyderabad with the assessee company i.e. Apollo Hospitals Enterprises Ltd. of Chennai and t...