Carry forward and set off of accumulated loss - amalgamating banks' losses and unabsorbed depreciation deemed in successor. Where amalgamation occurs under specified Central Government sanctioned banking, corresponding new bank, or government insurance schemes, the accumulated loss and unabsorbed depreciation of the amalgamating entities are deemed to be the loss or allowance for depreciation of the successor for the previous year in which the scheme is brought into force; those deemed amounts are subject to the Act's ordinary provisions on carry forward and set off. The section defines 'accumulated loss' and 'unabsorbed depreciation' and cross refers to statutory definitions for banking company, banking institution, corresponding new bank, general insurance business and Government company.
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 loss - amalgamating banks' losses and unabsorbed depreciation deemed in successor.
Where amalgamation occurs under specified Central Government sanctioned banking, corresponding new bank, or government insurance schemes, the accumulated loss and unabsorbed depreciation of the amalgamating entities are deemed to be the loss or allowance for depreciation of the successor for the previous year in which the scheme is brought into force; those deemed amounts are subject to the Act's ordinary provisions on carry forward and set off. The section defines "accumulated loss" and "unabsorbed depreciation" and cross refers to statutory definitions for banking company, banking institution, corresponding new bank, general insurance business and Government company.
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