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of <h1>Income Tax Bill 2025: Clause 118 lets co-op banks carry forward losses during mergers, with asset and business conditions.</h1> Clause 118 of the Income Tax Bill, 2025, addresses the carry forward and set off of losses and unabsorbed depreciation in co-operative banks during business reorganisations like amalgamations or demergers. It allows the successor co-operative bank to set off accumulated business losses and unabsorbed depreciation of the predecessor bank as if the reorganisation had not occurred. Specific conditions must be met, including asset retention and business continuation requirements, to qualify for these benefits. If these conditions are not met, the set-off is reversed, becoming taxable income for the successor bank. The statute provides definitions for terms related to business reorganisation.
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