New Delhi: In its pre-budget 2013 memorandum, Federation of Indian Chambers of Commerce and Industry (FICCI) has asked the government to amend Section 72A of the Income Tax Act to extend the benefits therein to the entire airline industry and not only to public sector companies. This amendment should be made with a view to providing the private airlines operators a level playing field as well as sustaining the current growth of the civil aviation sector, said FICCI. "Section 72A of the Income Tax Act relates to carry forward and set off of accumulated losses and unabsorbed depreciation in the event of amalgamation or demerger," explained FICCI. FICCI also suggested that Section 10(15A) of the Income Tax Act may be reinstated.
28/02/13 Economic Times
