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.
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.
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.
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