Carry forward of accumulated loss deemed in banking amalgamation under government sanctioned scheme; set off rules apply to successor institution. Section 72AA provides that where a banking company is amalgamated into another banking institution under a Central Government sanctioned scheme under the Banking Regulation Act, the amalgamating company's accumulated loss and unabsorbed depreciation shall be deemed to be the loss and allowance for depreciation of the transferee banking institution for the previous year in which the scheme is brought into force, and the Act's provisions on set off and carry forward shall apply accordingly; explanations define accumulated loss, unabsorbed depreciation and adopt statutory meanings for banking company and banking institution.
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 of accumulated loss deemed in banking amalgamation under government sanctioned scheme; set off rules apply to successor institution.
Section 72AA provides that where a banking company is amalgamated into another banking institution under a Central Government sanctioned scheme under the Banking Regulation Act, the amalgamating company's accumulated loss and unabsorbed depreciation shall be deemed to be the loss and allowance for depreciation of the transferee banking institution for the previous year in which the scheme is brought into force, and the Act's provisions on set off and carry forward shall apply accordingly; explanations define accumulated loss, unabsorbed depreciation and adopt statutory meanings for banking company and banking institution.
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