Content Provider | Supreme Court of India |
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e-ISSN | 30484839 |
Language | English |
Access Restriction | NDLI |
Subject Keyword | Income Tax Act 1961 - ss. 72 and 72A - Co-operative society - Amalgamation of |
Content Type | Text |
Resource Type | Law Judgement |
Jurisdiction | India |
Case Type | Appeal |
Court | Supreme Court of India |
Disposal Nature | Appeal Dismissed |
Headnote | Income Tax Act, 1961 - ss. 72 and 72A - Co-operative society - Amalgamation of - Set-off of losses_ of amalgamating societies against profits of the amalgamated society - Entitlement to - Four co-operative societies wherein the State Government had substantial share holding, amalgamated into appellant co-operative society - Upon D amalgamation, registration of said four co-operative societies cancelled and all their assets and liabilities taken over by the appellant society - After amalgamation, when Income- Tax returns filed by appellant society, it wanted to get accumulated losses of the aforestated four societies carried forward, so that E the same could be set off against the profits of the appellant society - Claim of appellant-society - If tenable - Held: So far as companies are concerned, there is specific provision in the Income Tax Act that upon amalgamation of one company with another, losses of the amalgamating F companies can be carried forward and the amalgamated company can get those losses set off against its profits subject to the provisions of the Act - But as at the relevant time there was no provision under the Act for setting off accumulated losses of the amalgamating societies against the profits of the amalgamated society, the appe/fant society could not have G got the benefit of carrying forward losses of the erstwhile societies which were not in existence during the relevant Assessment Year - Societies and companies belong to different classes and simply because both have a distinctlegal personality, it cannot be said that both must be given the same treatment - Taxation statutes have to be interpreted strictly - No equity in matters of taxation - Rajasthan Co- operative Societies Act, 1965 - s.16(8).Interpretation of Statute$ - Taxing statutes - Requirement of strict interpretation - No equity in matters of taxation. |
Judge | Hon'ble Mr. Justice Anil R. Dave |
Neutral Citation | 2014 INSC 350 |
Petitioner | Rajasthan R.s.s. & Ginning Mills Fed. Ltd. |
Respondent | Dy. Commissioner Of Income Tax, Jaipur |
SCR | [2014] 7 S.C.R. 336 |
Judgement Date | 2014-04-29 |
Case Number | 3880 |
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