Carry forward and set off of accumulated loss and unabsorbed depreciation allowance in scheme of amalgamation of Banking Company or Institution - (New) Section 117 / (Old) Section 72AA
Set off and Carry forward of Losses
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Amalgamation loss transfer permits successors to use eligible banking and insurance predecessor losses, subject to an eight-year carry-forward limit. Specified amalgamations involving banking companies, corresponding new banks and Government companies engaged in general insurance permit the ... Summary
Amalgamation loss transfer permits successors to use eligible banking and insurance predecessor losses, subject to an eight-year carry-forward limit.
Specified amalgamations involving banking companies, corresponding new banks and Government companies engaged in general insurance permit the predecessor's accumulated non-speculative business loss and unabsorbed depreciation to be deemed those of the successor entity. The amalgamation must fall within the prescribed Government-sanctioned or strategic-disinvestment framework. The successor may apply the general set-off and carry-forward rules, but business losses under schemes effective on or after 1 April 2025 may be carried forward only up to eight tax years from their original computation for the predecessor entity.
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