Set off of Brought Forward Losses of Merged Division in Revised Return allowed by ITAT

ACIT Vs Padma Logistics & Khanij Pvt. Ltd (Madras High Court) The issue under consideration is whether the set off of brought forward losses and unabsorbed depreciation of merged division in revised return is justified in law?  In present case, the assessee Company had filed the original return of income on 28.09.2010 showing total income of Rs. 8.67 crores. On 13.09.2010 and 06.10.2010, the Assessee company and M/s. Star Ya Kalakaar.com Limited, a company having its registered Office in Bombay filed a Joint Petition before the Hon’ble High Court of Calcutta and Hon’ble High Court of ...