RAJASTHAN R.S.S. & GINNING MILLS FED.LTD vs DY. COMMNR. OF INCOME TAX, JAIPUR

The Supreme Court held that under Section 72 of the Income Tax Act, 1961, accumulated losses of amalgamated societies cannot be carried forward by the resulting society if the original entities no longer exist. The Court affirmed the decisions of the assessing officer and the Income Tax Appellate Tribunal, emphasizing that the legal status of the amalgamated societies precludes the transfer of their losses. Consequently, the appeal was dismissed, upholding the lower courts' rulings.