Conversion of Indian branch to subsidiary: continuity of tax attributes and depreciation allocation subject to prescribed conditions. Notification under section 115JG(1) applies where a foreign bank's Indian branch converts into an Indian subsidiary if RBI sanctioned amalgamation occurs, all assets and liabilities transfer at book values, the foreign bank or nominee holds the share capital and maintains prescribed voting power, and the foreign company receives only shares. Tax attributes-accumulated losses, unabsorbed depreciation, tax credit, asset block WDV and cost of acquisition rules-are continued to the subsidiary with specified adaptations, including depreciation apportionment and treatment of section 35AD assets; certain section provisions apply as if conversion had not occurred.