Special provision for computing deductions in case of business reorganisation of co-operative banks.

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....shall be determined as per the formula- (i) for predecessor co-operative bank:- A x B/C (ii) for successor co-operative bank or converted banking company:- A x D/C where,- A = the amount of deduction allowable to the predecessor co-operative bank, if the business reorganisation had not taken place; B = the number of days comprised in the period beginning with the 1st day of the tax year and ending on the day immediately preceding the date of business reorganisation; and C = the total number of days in the tax year in which the business reorganisation has taken place. D = the number of days comprised in the period beginning with the date of business reorganisation and ending on the last day of the tax year. (3) The provisi....

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....amalgamating co-operative bank" means- (i) a co-operative bank which merges with another co-operative bank; or (ii) every co-operative bank merging to form a new co-operative bank; (c) "amalgamated co-operative bank" means- (i) a co-operative bank with which one or more amalgamating co-operative banks merge; or (ii) a co-operative bank formed as a result of merger of two or more amalgamating co-operative banks; (d) "business reorganisation" means reorganisation of business involving the amalgamation or demerger of a co-operative bank or conversion of a primary co-operative bank; (e) "conversion" means transition of a primary co-operative bank to a banking company under the scheme of the Reserve Bank of India as notified vide i....