Where pursuant to a scheme of restructuring sanctioned by the High Court in company jurisdiction only specified assets and liabilities of the Petrochemicals Division and Plastic Products Division were transferred to the resulting companies and the consideration was discharged in cash instead of issue of shares to shareholders of the demerged company, the essential statutory conditions of a “demerger” under s. 72A(4) were not satisfied; accordingly, the CIT(A) and the Tribunal were justified in holding that sub-s. (4) of s. 72A was not attracted and the assessee was entitled to carry forward and set off accumulated loss and unabsorbed depreciation. Order of Tribunal affirmed.  Affirmed  Dy. CIT v. NOCIL Ltd. (2017) 190 TTJ 192  (Mum) (Trib)   (AY. 2004-05)