Pursuant to Corporate Debt Restructuring and a scheme of arrangement, the Assessee set of its brought forward long term capital loss (LTCL) reflected in the financials for the year end against the share premium amount reflected in the books of accounts of the assessee.  AO held that the  assessee cannot carry forward its LTCL for the year after having set it off against the share premium amount since such LTCL no longer existed in the books of accounts. Held that corporate restructuring and consequent reduction in the accumulated losses by setting it off against share premium account in its books according to the provisions of Companies Act, 1956/2013 will not have any effect insofar as claim for set off of brought forward loss under the Act is made by the assessee. (AY.  2016-17)