Company Kovalam Hotels Ltd. \u00a0got amalgamated with assessee-company with effect from 1-4-2006. Company\u00a0 Kovalam Hotels Ltd. \u00a0\u00a0In the assessment year 2006-07\u00a0 Kovalam Hotels Ltd\u00a0\u00a0 claimed carry forward of business loss of earlier years.\u00a0 Assessing Officer of company Kovalam Hotels Ltd\u00a0 held that business loss was not available for carry forward to next assessment year 2007-08 because provisions of section 79 were applicable in instant case. Appeal against impugned order was pending before Commissioner (Appeals) Assessee-company in assessment year 2007-08 claimed set off of brought forward loss pertaining to company Kovalam Hotels Ltd. Tribunal held that once Assessing Officer in case of company Kovalam Hotels Ltd\u00a0\u00a0 for assessment year 2006-07 had already rejected claim for carry forward of said business loss in terms of section 79 then same could not be available to assessee for set off under section 72A until and unless said finding of Assessing Officer was reversed by higher appellate authorities.\u00a0 Assessing Officer was directed to give effect of set off of business loss in case of assessee consequent to finding of appellate authorities in case of company Kovalam Hotels Ltd\u00a0\u00a0 on issue of carry forward of business loss under reference.\u00a0 (AY.2007-08)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 72A : Carry forward and set off of accumulated loss and unabsorbed depreciation-Amalgamation-Assessing Officer had rejected claim for carry forward of business loss-loss is not available to set off. [S. 79] <\/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-36307","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-9rB","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/36307","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=36307"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/36307\/revisions"}],"predecessor-version":[{"id":36308,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/36307\/revisions\/36308"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=36307"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=36307"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=36307"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}