India: Unabsorbed losses of amalgamating company | KPMG | GLOBAL

India: Unabsorbed losses of amalgamating company; proposed service tax rate

India: Unabsorbed losses of amalgamating company

The KPMG member firm in India has prepared reports describing the following developments (read more at the hyperlinks provided below)


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  • Unabsorbed losses of an amalgamating company set off against income: The Karnataka High Court held that unabsorbed losses of an amalgamating company can be set off against the income of the amalgamated company under provisions of the Income-tax Act, 1961 because the losses pertain to the amalgamating company as a whole, and not of a particular unit or division of that amalgamating company. The case is: KBD Sugars & Distilleries Ltd.
  • Jurisdiction of the “Additional Commissioner”: The Delhi Bench of the Income-tax Appellate Tribunal held that absent an order for transfer of jurisdiction, the “Additional Commissioner of Income Tax” cannot exercise the duties or functions of an Assessing Officer. The case is: Mega Corporation Ltd.
  • Swachh Bharat Cess (service tax) levied at rate of 0.5%: The central government proposed to levy a service tax (Swachh Bharat Cess) at the rate of 0.5% on the value of taxable services, effective 15 November 2015.

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