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of <h1>Section 72AA: Amalgamation Rules for Loss Carry Forward and Depreciation Set Off in Banking and Government Companies</h1> Section 72AA of the Income-tax Act, as amended by the Finance Act, 2020, addresses the carry forward and set off of accumulated loss and unabsorbed depreciation in cases of amalgamation. It applies to amalgamations involving banking companies, corresponding new banks, or government companies under schemes sanctioned by the Central Government. The accumulated loss and unabsorbed depreciation of the amalgamating entities are treated as those of the amalgamated entity for the year the amalgamation takes effect. Definitions are provided for terms like 'accumulated loss,' 'banking company,' 'banking institution,' 'corresponding new bank,' 'general insurance business,' 'government company,' and 'unabsorbed depreciation.'
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