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Set off of unabsorbed losses of amalgamating cos couldn't be denied if merger was approved in public interest

April 16, 2018[2018] 92 taxmann.com 85 (Kolkata - Trib.)/[2018] 170 ITD 507 (Kolkata - Trib.)
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IT : Merger Scheme approved by High Court having in mind larger public interest, cannot be disturbed by revenue merely because assessee is not entitled for benefits under section 72A

IT : Where assessee's claim for deduction of long-term capital loss on issue of shares was rejected on ground that sale consideration had been grossly understated, in view of fact that no enquiries whatsoever were conducted in hands of purchaser of shares, impugned disallowance made on basis of suspicion and conjectures was to be deleted

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