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of <h1>Section 72A: Mergers Allow Carry Forward of Losses & Depreciation for Struggling Companies if Conditions Are Met</h1> Section 72A, introduced by the Finance (No. 2) Act, 1977, effective from April 1, 1978, addresses the carry forward and set off of accumulated loss and unabsorbed depreciation in cases of company amalgamations. It applies when an industrial or shipping company merges with another, provided the amalgamating company was financially unviable, the merger serves public interest, and other government-specified conditions are met. The losses and depreciation of the amalgamating company are treated as those of the amalgamated company, subject to conditions ensuring business continuity and steps for business revival. The Central Government must approve and certify these conditions.
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