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of <h1>Co-operative Bank Amalgamation Rules on Set-Off of Losses and Depreciation Under Tax Law Section</h1> A successor co-operative bank involved in amalgamation during a tax year may set off the accumulated loss and unabsorbed depreciation of the predecessor bank as if no amalgamation occurred, subject to conditions. In demergers, losses and depreciation directly linked to transferred undertakings carry forward to the resulting bank; otherwise, they are apportioned based on asset distribution. Conditions include minimum years of banking activity, asset holding thresholds before and after reorganisation, continuation of business for five years, and other prescribed criteria to ensure genuine business purposes. Non-compliance with these conditions results in the set-off amounts being taxed as income in the year of default. For loss and depreciation purposes, the tax year is split at the reorganisation date. Definitions clarify terms related to losses, depreciation, and types of co-operative banks involved in business reorganisation.
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