Clause 65 - Special provision for computing deductions in case of business reorganisation of co-operative banks.

Business reorganisation of co-operative banks: deductions under specified sections allocated between predecessor and successor by days in tax year

Special provision prescribes that deductions under specified sections, where a business reorganisation of a co operative bank occurs in a tax year, are apportioned between the predecessor and the successor or converted banking company on a time proportionate basis using a days in year formula, and that where an undertaking entitled to the deductions is transferred before the expiry of the deduction period the successor or converted banking company shall, in subsequent tax years, be treated as if the reorganisation had not occurred with respect to application of those provisions.