Supreme Court · 1990 INSC 266 · Decided 4 September 1990
Saraswati Industrial Syndicate LTD. v. C.I.T., Haryana, Himachal Pradesh, Delhi
- Court
- Supreme Court of India
- Citation
- 1990 INSC 266 · [1990] SUPP. 1 S.C.R. 332
- Case number
- CIVIL APPEAL No. 91/1976
- Decided
- 4 September 1990
- Bench
- K.N. SINGH, T.K. THOMMEN, KULDIP SINGH (3-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Companies Act Section 391, 394; Income Tax Act Section 41, 41(1), 109
Headnote
Income Tax Act, 1961-Section 41( /)-Object and scope of. Income-Tax Act, 1961: Section 41-Application of-Condition -Identity of assessee in previous year and subsequent year to be same-Change in the assessee's identity-No tax liability. Income Tax Act, 1961-Section 41( 1) read with Sections 391 Act, 1956--Amalgamation of two Companies-Effect­ of-Exemption from tax liability granted to the transferor company whether can be claimed by the transferee company. Under the scheme of amalgamation and order of the High Court under Sections 391 and 394 of the Companies Act, 1956 on
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