TaxTMI 
TaxTMI 
Carry forward and set off of accumulated loss and unabsorbed depreciation allowance in scheme of amalgamation in certain cases
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....r (b) any other banking institution or a company subsequent to a strategic disinvestment, wherein the amalgamation is carried out within a period of five years from the end of the previous year during which such strategic disinvestment is carried out; or] (ii) one or more corresponding new bank or banks with any other corresponding new bank under a scheme brought into force by the Central Government under section 9 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970) or under section 9 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980) or both, as the case may be; or (iii) one or more Government company or companies with any other Government company under a s....
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....ding the assessment year for which such loss was first computed for original predecessor entity.] Explanation.-For the purposes of this section,- (i) "accumulated loss" means so much of the loss of the amalgamating banking company or companies or amalgamating corresponding new bank or banks or amalgamating Government company or companies under the head "Profits and gains of business or profession" (not being a loss sustained in a speculation business) which such amalgamating banking company or companies or amalgamating corresponding new bank or banks or amalgamating Government company or companies, would have been entitled to carry forward and set off under the provisions of section 72, if the amalgamation had not taken place; (ii) "ba....
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.... company or companies which remains to be allowed and which would have been allowed to such banking company or companies or amalgamating corresponding new bank or banks or amalgamating Government company or companies, if the amalgamation had not taken place.] 7[(viii) "original predecessor entity" means predecessor entity in respect of the first amalgamation.] *************** NOTES:- 1. Inserted vide Section 19 of the Finance Act, 2005 w.e.f. 01-04-2005 2. Substituted vide Section 31 of the Finance Act, 2020 w.e.f. 01-04-2020 before it was read as, "1[Provisions relating to carry forward and set-off of accumulated loss and unabsorbed depreciation allowance in scheme of amalgamation of banking com....