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        Clause 31 - Substitution of new section for section 72AA.

        Finance Bill, 2020
        Chapter III
        DIRECT TAXES - Income-tax

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        Carry forward and set-off of accumulated losses in specified banking and insurance amalgamations, transferring unabsorbed depreciation to the amalgamated entity. The substituted section 72AA deems the accumulated loss and unabsorbed depreciation of specified amalgamating banking or insurance entities to be the loss or allowance of the amalgamated entity for the previous year in which the amalgamation scheme takes effect, and provides that other Income-tax Act rules on set-off and carry forward apply accordingly; an Explanation defines the key terms used.
                        Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                          Provisions expressly mentioned in the judgment/order text.

                              Carry forward and set-off of accumulated losses in specified banking and insurance amalgamations, transferring unabsorbed depreciation to the amalgamated entity.

                              The substituted section 72AA deems the accumulated loss and unabsorbed depreciation of specified amalgamating banking or insurance entities to be the loss or allowance of the amalgamated entity for the previous year in which the amalgamation scheme takes effect, and provides that other Income-tax Act rules on set-off and carry forward apply accordingly; an Explanation defines the key terms used.


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