LAW FOR ALL

Sec.72 of Income Tax - Amalgamation of four co-operative societies - accumulated losses of four societies carried forward - Set off against the profits of appellant society as per section 72 of INCOME TAX- not accepted from assessing officer to all lower tribunals - Apex court held that sec.72 apply only to company but not to society and held that a non-existent person cannot file an income tax return and therefore, cannot carry forward its losses after its existence comes to an end. All those four societies, upon their amalgamation into the appellant society,had ceased to exist and registration of those societies had been cancelled. - Dismissed the appeal = RAJASTHAN R.S.S. & GINNING MILLS FED. LTD. …APPELLANT VERSUS DY. COMMISSIONER OF INCOME TAX, JAIPUR. ....RESPONDENT = RAJASTHAN R.S.S. & GINNING MILLS FED. LTD. …APPELLANT= 2014 ( April.Part) http://judis.nic.in/supremecourt/filename=41495