Accumulated loss - Definition / Legal Terminology - Income Tax

Accumulated loss Explanation.(i) -For the purposes of section 72AA of the Income tax Act 1961,- 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 business or profession (not being a loss sustained in a speculation business) which such amalgamating banking company or companies or amalgamating corresponding new bank or banks or amalgamating Government company or companies, would have been entitled to carry forward and set off under the provisions of section 72, if the amalgamation had not taken place; For the purposes of section 72AB(7)(a) of the Income tax Act 1961, Accumulated loss means- so much of loss of the amalgamating co-operative bank or the demerged co-operative bank, as the case may be, under the head Profits and gains of business or profession (not being a loss sustained in a speculation business) which such amalgamating co-operative bank or the demerged co-operative bank, would have been entitled to carry forward and set-off under the provisions of section 72 as if the business reorganisation had not taken place;