ASPINWALL AND CO. LTD. versus INSPECTING ASSISTANT COMMISSIONER

Case summary from SCR

Issue for Consideration Whether in terms of the provisions of Kerala Agricultural Income Tax Act, 1991, the amalgamated company as successor of the amalgamating company shall be entitled to set-off of the losses suffered. Headnotes† Kerala Agricultural Income Tax Act, 1991 – ss.12, 54 s.72A – A company named PRP amalgamated with the appellant company – The scheme of amalgamation was sanctioned in November 2006 – The appointed date was fixed as 01.01.2006 – There were accumulated losses in the balance sheet of amalgamating company – The issue