Carry forward and set off of accumulated loss allowed for successor co operative banks subject to asset, continuity and compliance conditions. Section 72AB allows a successor co operative bank to set off accumulated loss and unabsorbed depreciation of a predecessor bank as if the reorganisation had not occurred, provided the predecessor and successor meet continuity and asset holding conditions and any other prescribed or notified conditions. Where losses or depreciation relate wholly to transferred undertakings they pass in full; otherwise they are apportioned by asset proportion. The pre and post reorganisation periods are treated as distinct previous years for set off, and breach of conditions causes previously allowed set offs to be taxed as income in the year of non compliance.
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.
Carry forward and set off of accumulated loss allowed for successor co operative banks subject to asset, continuity and compliance conditions.
Section 72AB allows a successor co operative bank to set off accumulated loss and unabsorbed depreciation of a predecessor bank as if the reorganisation had not occurred, provided the predecessor and successor meet continuity and asset holding conditions and any other prescribed or notified conditions. Where losses or depreciation relate wholly to transferred undertakings they pass in full; otherwise they are apportioned by asset proportion. The pre and post reorganisation periods are treated as distinct previous years for set off, and breach of conditions causes previously allowed set offs to be taxed as income in the year of non compliance.
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