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 \u201cdemerger\u201d 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.\u00a0 Affirmed\u00a0 Dy. CIT v. NOCIL Ltd. (2017) 190 TTJ 192\u00a0 (Mum) (Trib)\u00a0\u00a0 (AY. 2004-05)\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 72A : Carry forward and set off of accumulated loss and unabsorbed depreciation-Amalgamation-Demerger-Scheme of restructuring involving transfer of only specified assets and liabilities and consideration paid in cash and not by issue of shares-Provisions of s. 72A(4) not attracted-Assessee entitled to carry forward and set off of loss. [S. 2(19AA), 2 (19AAA), 72A(4)] <\/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-58656","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-fg4","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/58656","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=58656"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/58656\/revisions"}],"predecessor-version":[{"id":58657,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/58656\/revisions\/58657"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=58656"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=58656"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=58656"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}