Section 14 - Amendment of section 72A

Loss carryforward duration limited to eight assessment years for successor entities after amalgamation under amended Section 72A.

Amendment provides that losses of a predecessor entity, when deemed to be losses of the successor after an amalgamation or business reorganisation, shall be carried forward by the successor for not more than eight assessment years immediately succeeding the assessment year when such loss was first computed for the original predecessor entity; it also defines 'original predecessor entity' as the predecessor in respect of the first amalgamation or first business reorganisation.