Set-Off of Loss Denied as Kerala Agriculture Income Tax Not Permits Transfer in Amalgamation: SC

Aspinwall And Co. Ltd Vs Inspecting Assistant Commissioner (Supreme Court of India) The Supreme Court decided a batch of five appeals involving a common issue relating to the eligibility of an amalgamated company to claim set-off of accumulated losses of an amalgamating company under the Kerala Agricultural Income Tax Act, 1991. The facts were taken primarily from one appeal. A company was amalgamated with the appellant pursuant to a scheme sanctioned in November 2006, with effect from 01.01.2006. The amalgamating company had accumulated losses, and the appellant sought to set off those losses...