Case Law Details
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 the issue in dispute was regarding the set off of unabsorbed depreciation of Rs. 11.60 crores on account of amalgamation of DHCL with Apollo Hospitals Enterprises Ltd. and it was held by Hon’ble Madras High Court that neither Apollo Hospitals Enterprises Ltd. nor DHCL are industrial undertaking within the meaning of section 72A of the IT Act and therefore, the set off of unabsorbed depreciation is not allowable.
FULL TEXT OF THE ITAT ORDER IS AS FOLLOWS:-
Both these appeals are filed by the assessee which are directed against two separate orders of ld. CIT (A)-3, Bangalore both dated 31.08.2016 for Assessment Years 2009-10 and 2010-11. Both the appeals were heard together although argued by two different counsels and are being disposed of by way of this common order for the sake of convenience.
2. The grounds raised by the assessee in both years are as under.
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