2021 (11) TMI 1026 - SCH - Income Tax

Revision u/s 263 - claim of carried forward of losses u/s 72A allowed by AO - as per HC Sanction of a scheme of amalgamation under Section 18 of the said Act necessarily implies that the requirements of Section 72A of the Income Tax Act have been met and the BIFR must exercise the power conferred upon it by Section 3 2 ( 2 of the said Act and make the declaration contemplated by Section 72A of the Income Tax Act - action of the assessing officer though prejudicial can hardly be termed as erroneous - HELD THAT - SLP dismissed.

Summary

The Supreme Court of India dismissed the Special Leave Petitions after hearing arguments from both the petitioner and respondent. No interference was deemed necessary. Pending applications, if any, were disposed of.