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HomeDirect TaxS. 263 Can’t Be Invoked by Treating Court Approved Demerger as an...

S. 263 Can’t Be Invoked by Treating Court Approved Demerger as an Amalgamation: Madras HC Upholds Carry Forward of Losses

Direct Tax

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By Mariya Paliwala
S. 263 Can’t Be Invoked by Treating Court Approved Demerger as an Amalgamation: Madras HC Upholds Carry Forward of Losses

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The Madras High Court has dismissed a tax appeal filed by the Income Tax Department holding that the Commissioner of Income Tax (CIT) wrongly invoked revisionary powers under Section 263 of the Income Tax Act by treating a court-approved demerger as an amalgamation. A Division Bench comprising Justice Dr. Anita Sumanth and Justice Mummineni Sudheer…

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Mariya Paliwala
Mariya Paliwalahttps://www.jurishour.in/
Mariya is the Senior Editor at Juris Hour. She has 7+ years of experience on covering tax litigation stories from the Supreme Court, High Courts and various tribunals including CESTAT, ITAT, NCLAT, NCLT, etc. Mariya graduated from MLSU Law College, Udaipur (Raj.) with B.A.LL.B. and also holds an LL.M. She started her career as a freelance tax reporter in the leading online legal news companies.

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