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Carry forward of losses in co operative bank reorganisations permitted if continuity and genuine purpose requirements met, reversal on non compliance. Successor co operative banks may set off predecessor accumulated losses and unabsorbed depreciation as if the business reorganisation had not occurred, with whole amounts following directly relatable transferred undertakings or apportioned by asset distribution otherwise; eligibility requires continuity of banking business, substantial retention of fixed assets by predecessor and successor for prescribed periods and other conditions to ensure revival and genuineness, and non compliance renders the set off taxable as income in the year of breach.
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.
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<h1>Carry forward of losses in co operative bank reorganisations permitted if continuity and genuine purpose requirements met, reversal on non compliance.</h1> Successor co operative banks may set off predecessor accumulated losses and unabsorbed depreciation as if the business reorganisation had not occurred, with whole amounts following directly relatable transferred undertakings or apportioned by asset distribution otherwise; eligibility requires continuity of banking business, substantial retention of fixed assets by predecessor and successor for prescribed periods and other conditions to ensure revival and genuineness, and non compliance renders the set off taxable as income in the year of breach.
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