Taxpayer sought additional time to meet production level requirements, but failed to do so even within extended period.
The Delhi High Court upheld the tax authority鈥檚 rejection of an application by the taxpayer, an amalgamated company resulting from the amalgamation of four other companies, for relaxation of the conditions required to carry forward business losses of the amalgamating companies.
The taxpayer sought additional time to meet the production level requirements to carry forward the losses but failed to do so even within the extended period. The court emphasized that relaxation of such conditions is an exception and must not be granted if inconsistent with the purpose of the conditions.
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