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of <h1>Unabsorbed Depreciation for Amalgamating Banks Explained Under Sections 72AA and 72AB(7)(b) of the Income Tax Act 1961.</h1> Unabsorbed depreciation refers to the portion of depreciation allowance that remains unutilized for an amalgamating banking company, corresponding new bank, or government company, which would have been allowed if the amalgamation had not occurred, as per section 72AA of the Income Tax Act 1961. Similarly, for section 72AB(7)(b), it pertains to the unutilized depreciation allowance for an amalgamating or demerged cooperative bank, which would have been allowed if the business reorganization had not taken place.
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