TaxTMI 
TaxTMI 
TaxTMI 
Carry forward and set off of losses and unabsorbed depreciation in business reorganisation of co-operative banks.
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....ive bank, shall, in a case where the amalgamation has taken place during the 1[tax] year, be allowed to set off the accumulated loss and the unabsorbed depreciation, if any, of the predecessor co-operative bank as if the amalgamation had not taken place, and all the other provisions of this Act relating to set off and carry forward of loss and allowance for depreciation shall apply accordingly. (....
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....arried forward and set off against their respective incomes. (3) The provisions of this section shall apply, if- (a) the predecessor co-operative bank- (i) has been engaged in the business of banking for three or more years; and (ii) has held at least three-fourths of the book value of fixed assets as on the date of the business reorganisation, continuously for two years before the date of ....
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....eferred to in sub-section (3)(b)(iii), for the purposes of ensuring that the business reorganisation is for genuine business purposes. (5) In a case where any of the conditions referred to in sub-section (3) or notified under sub-section (4) are not complied with, the set off of accumulated business loss or unabsorbed depreciation made in any tax year in the hands of the successor co-operative ba....
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....k would have been entitled to carry forward and set off under the said section, as if the business reorganisation had not taken place; (b) "amalgamated co-operative bank", "amalgamating co-operative bank", "amalgamation", "business reorganisation", "demerged co-operative bank", "demerger", "predecessor co-operative bank", "successor co-operative bank" and "resulting co-operative bank" shall have....