In the result, both the appeals are partly allowed
Bench: Shri R.S. Syal & Shri Partha Sarathi Chaudhury
72A of the Act, which provide for the set off and carry forward only of the brought forward loss and unabsorbed depreciation of the amalgamating company in the hands of the amalgamated company. He found such provision as not covering long term capital loss. He also did not find any force in the contention of the assessee about the applicability