Provisions relating to carry forward and set off of accumulated loss and unabsorbed depreciation allowance in business reorganisation of co-operative banks [ Section 72AB ]

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..... of co-operative banks [ Section 72AB ] Successor Co-operative Banks Allowing to set off Accumulated Loss and unabsorbed Depreciation [ Section 72AB(1) ] The assessee, being a successor co-operative bank, shall, in a case where the amalgamation has taken place during the previous year, be allowed to set off the accumulated loss and the unabsorbed depreciation, if any, of the predecessor co-operati .....

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..... predecessor co-operative bank acquired through business reorganisation, continuously for a minimum period of five years immediately succeeding the date of business reorganisation; (ii) continues the business of the predecessor co-operative bank for a minimum period of five years from the date of business reorganisation; and (iii) fulfils such other conditions as may be prescribed to ensure the re .....

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..... or co-operative bank shall be deemed to be the income of the successor co-operative bank chargeable to tax for the year in which the conditions are not complied with. Manner and period of computation of allowable amount for set off Accumulated Loss and Unabsorbed Depreciation [ Section 72AB(3) ] The amount of set-off of the accumulated loss and unabsorbed depreciation, if any, allowable to the ass .....

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..... diately preceding the date of business reorganisation, and the period commencing from the date of such business reorganisation and ending with the previous year shall be deemed to be two different previous years for the purposes of set off and carry forward of loss and allowance for depreciation. [ Section 72AB(5) ] For the purposes of this section, (a) accumulated loss means so much of loss of th .....

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..... ank, amalgamation, business reorganisation, co-operative bank, demerged co-operative bank, demerger, predecessor co-operative bank, successor co-operative bank and resulting co-operative bank shall have the meanings respectively assigned to them in section 44DB . - Manuals - Ready reckoner - Law and practice - Reference Guide - Quick Commentary Tax Management India - taxmanagementindia - taxman .....

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