Special provision for computing deductions in case of business reorganisation of co-operative banks.

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..... ermined as per the formula- (i) for predecessor co-operative bank:- A x B/C (ii) for successor co-operative bank or converted banking company:- A x D/C where,- A = the amount of deduction allowable to the predecessor co-operative bank, if the business reorganisation had not taken place; B = the number of days comprised in the period beginning with the 1st day of the tax year and ending on the day immediately preceding the date of business reorganisation; and C = the total number of days in the tax year in which the business reorganisation has taken place. D = the number of days comprised in the period beginning with the date of business reorganisation and ending on the last day of the tax year. (3) The provisions of secti .....

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..... co-operative bank" means- (i) a co-operative bank which merges with another co-operative bank; or (ii) every co-operative bank merging to form a new co-operative bank; (c) "amalgamated co-operative bank" means- (i) a co-operative bank with which one or more amalgamating co-operative banks merge; or (ii) a co-operative bank formed as a result of merger of two or more amalgamating co-operative banks; (d) "business reorganisation" means reorganisation of business involving the amalgamation or demerger of a co-operative bank or conversion of a primary co-operative bank; (e) "conversion" means transition of a primary co-operative bank to a banking company under the scheme of the Reserve Bank of India as notified vide its circular .....

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..... ns specified by the Central Government, by notification, having regard to the necessity to ensure that the transfer is for genuine business purposes; (h) "demerged co-operative bank" means the co-operative bank whose undertaking is transferred, pursuant to a demerger, to a resulting bank; (i) "predecessor co-operative bank" means the amalgamating co-operative bank or the demerged co-operative bank, or the primary co-operative bank, which has been succeeded as a result of conversion; (j) "resulting co-operative bank" means- (i) one or more co-operative banks to which the undertaking of the demerged co-operative bank is transferred in a demerger; or (ii) any co-operative bank formed as a result of demerger; (k) "successor co-opera .....

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