Case Law Details
Case Name : CIT Vs AMCO Power Systems Ltd (Karnataka High Court)
Related Assessment Year :
Courts :
All High Courts Karnataka High Court
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CA Suraj R. Agrawal
Facts of the case:
1. M/s. AMCO Power Systems Limited is a Company engaged in the manufacture and sale of storage batteries.
2. Assessee filed its return of income on 28.11.2003 wherein NIL income was shown after setting off losses brought forward from earlier years.
3. The Tribunal, however dismissed the appeal of the Revenue, and partly allowed the appeal of the respondent-assessee by allowing the benefit of set-off of brought forward losses, but did not give the benefit of lease rentals paid by the assessee.
Issue put before (Karnataka High Court):
Wheth...
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Author Bio
As per below provided link of an Article in ET, which states that there is a SC judgement in a case involving Amco Power Systems, where the SC has allowed the company to accrue tax losses.
Please provide the judgement of SC.
economictimes.indiatimes.com/news/politics-and-nation/supreme-court-ruling-gives-clarity-on-carrying-forward-tax-losses/articleshow/49561126.cms