High Court dismissed the Department’s appeal holding in favour of the assessee on the allowance of business loss and unabsorbed depreciation of the transferor company following its decision in IRM LTD. v. Dy. CIT (2017) 10 ITR-OL 395 (Guj)(HC) holding that, once the scheme of amalgamation was sanctioned, it would relate back to the appointed date of amalgamation. SLP of Revenue is dismissed. (AY. 2006-07)
PCIT v. Intas Pharmaceuticals Ltd. (2023)454 ITR 421/ 293 Taxman 496/ 332 CTR 731/ 225 DTR 206 (SC) Editorial : Affirmed, CIT v. Intas Pharmaceuticals Ltd. (Guj)(HC) (ITA No. 311 of 2019 dt. 23-7-2019)
S. 28(i) : Business loss-Unabsorbed depreciation-Carry forward and set off-Amalgamation of companies-Relates back to appointed date-Business loss and unabsorbed depreciation of transferor company allowable. [S. 32, 72]