30 June 2011
Is it compulsory for the purpose of 72A, that both Amalgamated as well as Amalgamating Company has to be an Industrial Undertaking or any one will do?
30 June 2011
The prime condition for claiming set-off under section 72A is that the company amalgamating must be owning an ‘industrial undertaking’ or a ship or a hotel.REFER TO Asstt. CIT v. Apollo Hospitals Enterprises Ltd. (2008) 23 (I) ITCL 318 (Mad-HC)
CA MANOJ GUPTA JODHPUR 09828510543 gm2104@gmail.com
30 June 2011
My Company is an Industrial Undertaking and we want to amalgamate with a company providing call center services. As per your comment, we can carry forward and set off the loss of the amalgamating company.
Is there any decided case law, where it is proved that only amalgamated company is an Industrial Undertaking and yet allowance under section 72A has been given?
01 July 2011
So we as an industrial undertaking should not amalgamate with a loss making company which is not an industrial undertaking, as we wont get benefits under section 72A.
CAclubindia
