Deduction apportionment on reorganisation now covers conversion of primary co-operative banks, allocating specified tax deductions between entities. Amendment expands section 44DB to include conversion of a primary co-operative bank into a banking company within the scope of business reorganisation for apportioning specified tax deductions. It adds and defines 'banking company', 'conversion', 'converted banking company' and 'primary co-operative bank', and amends related definitions so that deductions are apportioned between the predecessor co-operative bank and the converted banking company in the same proportioning manner. The amendments operate with effect from 1st April, 2021 and apply to subsequent assessment years.
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Provisions expressly mentioned in the judgment/order text.
Deduction apportionment on reorganisation now covers conversion of primary co-operative banks, allocating specified tax deductions between entities.
Amendment expands section 44DB to include conversion of a primary co-operative bank into a banking company within the scope of business reorganisation for apportioning specified tax deductions. It adds and defines "banking company", "conversion", "converted banking company" and "primary co-operative bank", and amends related definitions so that deductions are apportioned between the predecessor co-operative bank and the converted banking company in the same proportioning manner. The amendments operate with effect from 1st April, 2021 and apply to subsequent assessment years.
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