{"id":32583,"date":"2023-02-10T10:48:20","date_gmt":"2023-02-10T05:18:20","guid":{"rendered":"https:\/\/itatonline.org\/digest\/cit-ltu-v-canara-bank-2022-142-taxmann-com-361-karn-hc-editorial-notice-issued-in-slp-filed-by-the-revenue-cit-ltu-v-canara-bank-2022-289-taxman-82-sc\/"},"modified":"2023-02-10T10:48:20","modified_gmt":"2023-02-10T05:18:20","slug":"cit-ltu-v-canara-bank-2022-142-taxmann-com-361-karn-hc-editorial-notice-issued-in-slp-filed-by-the-revenue-cit-ltu-v-canara-bank-2022-289-taxman-82-sc","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/cit-ltu-v-canara-bank-2022-142-taxmann-com-361-karn-hc-editorial-notice-issued-in-slp-filed-by-the-revenue-cit-ltu-v-canara-bank-2022-289-taxman-82-sc\/","title":{"rendered":"CIT, LTU v. Canara Bank. (2022) 142 taxmann.com 361 (Karn.)(HC) Editorial : Notice issued IN SLP filed by the Revenue, CIT, LTU v. Canara Bank. (2022) 289 Taxman 82 (SC)"},"content":{"rendered":"<p>Assessee-bank was merged with LCB in year 1985 and there was excess of liabilities over assets.\u00a0 Consequently, assessee incurred loss and claimed same as deduction.\u00a0 Assessing Officer disallowed same. Tribunal allowed the claim of the assessee. On appeal by Revenue\u00a0 High Court\u00a0 held that if no deduction was allowed on excess of liabilities over assets in year of merger, subsequent realization out of assets of LCB could not be brought to tax.\u00a0 It further held that if such disallowance of loss had attained finality, matter required reconsideration and if found affirmative, no addition could be made in relevant assessment year.\u00a0 (AY. 2007-08)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 28(i) : Business loss-Amalgamation-Excess of liabilities over assets-Allowable as business loss \/deduction-Matter remanded with direction. [S. 37(1)] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-32583","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-8tx","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/32583","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=32583"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/32583\/revisions"}],"predecessor-version":[{"id":32584,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/32583\/revisions\/32584"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=32583"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=32583"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=32583"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}