Carry forward of accumulated losses in specified banking and insurance amalgamations is permitted with time limited carryforward. Specified amalgamations of banking companies, corresponding new banks or Government insurance companies cause the accumulated loss and unabsorbed depreciation of the amalgamating predecessor to be deemed the loss or allowance for depreciation of the successor for the previous year in which the scheme is brought into force, with other set off and carry forward provisions applying accordingly. For schemes brought into force on or after 1 April 2025, such deemed losses in the hands of the successor may be carried forward for not more than eight assessment years following the assessment year when the loss was first computed for the original predecessor entity.
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 losses in specified banking and insurance amalgamations is permitted with time limited carryforward.
Specified amalgamations of banking companies, corresponding new banks or Government insurance companies cause the accumulated loss and unabsorbed depreciation of the amalgamating predecessor to be deemed the loss or allowance for depreciation of the successor for the previous year in which the scheme is brought into force, with other set off and carry forward provisions applying accordingly. For schemes brought into force on or after 1 April 2025, such deemed losses in the hands of the successor may be carried forward for not more than eight assessment years following the assessment year when the loss was first computed for the original predecessor entity.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
AI OCR ✕
of 
TaxTMI 
TaxTMI 
