MANAS AGRO INDUSTRIES AND INFRASTRUCTURE LIMITED,MUMBAI vs. INCOME TAX OFFICER - WARD 3(2)(1), MUMBAI

ITA 5588/MUM/2025Status: DisposedITAT Mumbai20 May 2026AY 2018-201913 pages
AI SummaryRemanded

What were the facts?

The assessee amalgamated seven companies and sought to set off brought forward business losses and unabsorbed depreciation against current year's profits. The Assessing Officer disallowed this, citing a change in shareholding and potential tax avoidance. The CIT(A) upheld the disallowance.

What did the Tribunal hold?

The Tribunal set aside the CIT(A)'s order and restored the matter to the Assessing Officer for fresh adjudication. The assessee was granted a final opportunity to furnish required statutory certificates and supporting documents.

What were the issues?

Whether the set off of brought forward business losses and unabsorbed depreciation is permissible post-amalgamation, and if the conditions for such set off under Section 72A were met.

Which sections of the Income-tax Act were involved?

Section 72A,Section 79

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, MUMBAI BENCH “E” MUMBAI

Before: SHRI OM PRAKASH KANT & SHRI SANDEEP SINGH KARHAIL

For Appellant: Shri Ritesh Misra, (CIT. DR)
Hearing: 20/05/2026

PER OM PRAKASH KANT, AM

These two appeals preferred by the assessee are directed against separate orders, both dated 11.07.2025, passed by the learned Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, Delhi [hereinafter referred to as “the Ld. CIT(A)”] for Assessment Years 2017-18 and 2018-19 respectively. Since the Manas Agro Industries And Manas Agro Industries And 2 Infra Structure Limited,, ITA No. 5586 and 5588 5586 and 5588/MUM/2025

issues arising for adjudication in b

The order continues below.

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