Treatment of accumulated losses and unabsorbed depreciation in scheme of amalgamation in certain cases.

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....or section 116, where there has been an amalgamation of,- (a) one or more banking company with- (i) any other banking institution under a scheme sanctioned and brought into force by the Central Government under section 45(7) of the Banking Regulation Act, 1949 (10 of 1949); or (ii) any other banking institution or a company following a strategic disinvestment, wherein the amalgamation occurs....

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....y or companies or amalgamating corresponding new bank or banks or amalgamating Government company or companies, shall be deemed to be the loss or, allowance for depreciation of the banking institution or company or amalgamated corresponding new bank or amalgamated Government company for the tax year in which the scheme of amalgamation was brought into force and other provisions of this Act relatin....

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....an eight tax years immediately succeeding the tax year for which such loss was first computed for original predecessor entity. (3) For the purposes of this section,- (a) "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 ....

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.... business" shall have the same meaning as assigned to it in section 3(g) of the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972); (f) "Government company" means a Government company as defined in section 2(45) of the Companies Act, 2013 (18 of 2013), engaged in the general insurance business and established under section 4 or 5 or 16 of the General Insurance Business (National....