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of <h1>Guidance on Amalgamated Companies: Setting Off Losses and Depreciation under IT Act Section 72A and 141A(2)(iv.</h1> The circular addresses the treatment of accumulated losses and unabsorbed depreciation for amalgamated companies under Section 72A of the Income Tax Act, 1961. It clarifies that these losses and depreciation, deemed as losses for the year of amalgamation, can be set off and carried forward by the amalgamated company if certain conditions are met. However, the Board advises that under Section 141A(2)(iv), these losses and depreciation, not computed in regular assessments, cannot be set off against the profits of the amalgamated company during provisional assessments. Officers are instructed to note this guidance.
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