Carry forward of accumulated losses extends to amalgamations after strategic disinvestment if completed within five years. The amendment permits carry forward and set off of accumulated losses and unabsorbed depreciation where a banking company is amalgamated with another banking institution or a company following a strategic disinvestment, provided the amalgamation occurs within five years of the strategic disinvestment; it also inserts an Explanation clause adopting the defined meaning of 'strategic disinvestment' by reference. The amendment takes effect from 1 April 2023 and applies to assessment year 2023-2024 onwards.
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 of accumulated losses extends to amalgamations after strategic disinvestment if completed within five years.
The amendment permits carry forward and set off of accumulated losses and unabsorbed depreciation where a banking company is amalgamated with another banking institution or a company following a strategic disinvestment, provided the amalgamation occurs within five years of the strategic disinvestment; it also inserts an Explanation clause adopting the defined meaning of "strategic disinvestment" by reference. The amendment takes effect from 1 April 2023 and applies to assessment year 2023-2024 onwards.
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