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Carry forward and set off of losses and unabsorbed depreciation in business reorganisation of co-operative banks.
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....nk, where amalgamation takes place during the tax year, the accumulated business loss and unabsorbed depreciation, if any, of the predecessor co-operative bank, shall be allowed to be set off against the income of the assessee, being a successor co-operative bank for that tax year, as if the business reorganisation had not taken place and all other provisions of this Act relating to set off and ca....
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....e allowed to be carried forward and set off against their respective incomes. (3) The accumulated loss shall be carried forward only up to eight tax years immediately succeeding the tax year in which such loss was first computed in the hands of the predecessor-in-business. (4) The provisions of this section shall apply, if- (a) the predecessor co-operative bank- (i) has bee....
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....e business of the predecessor co-operative bank or to ensure that the business reorganisation is for genuine business purpose. (5) The Central Government may, by notification, specify such other conditions as it may consider necessary, other than the condition referred to in sub-section (4)(b)(iii), for the purposes of ensuring that the specified business reorganisation is for genuine business ....
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....on,-- (a) "accumulated business loss" means so much of the loss of amalgamating co-operative bank or demerged co-operative bank as referred to in section 112 in the hands of predecessor co-operative bank, which such predecessor co-operative bank would have been entitled to carry forward and set off under the said section, as if the business reorganisation had not taken place; (b)....