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of <h1>Section 118 permits successor or resulting cooperative banks to carry forward and set off predecessor losses on amalgamation or demerger</h1> Section 118 allows successor or resulting co-operative banks to carry forward and set off predecessor losses and unabsorbed depreciation on amalgamation or demerger, treating income 'as if' the reorganisation had not occurred, subject to continuity and asset-holding conditions and prescribed/notification requirements; non-compliance converts claimed set-offs into taxable income in the year of breach. The Bill's old text imposed an explicit eight-year carry-forward cap and used 'accumulated business loss,' whereas the enacted version omits the eight-year limit and uses 'accumulated loss,' with mostly drafting and cross-reference changes otherwise.
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