Special provision for computing deductions in the case of business reorganization of co-operative banks

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..... ed in accordance with the formula A B 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 financial year and ending on the day immediately preceding the date of business reorganisation; and C = the total number of days in the financial year in which the business reorganisation has taken place. (3) The amount of deduction allowable to the successor co-operative bank 2 [ or to the converted banking company ] under section 32, section 35D, section 35DD or section 35DDA shall .....

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..... ative 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) amalgamation means the merger of an amalgamating co-operative bank or banks with an amalgamated co-operative bank, in such manner that (i) all the assets and liabilities of the amalgamating co-operative bank or banks immediately before the merger (other than the assets transferred, by sale or distribution on winding up, to the amalgamated co-operative bank) become the assets and liabilities of the amalgamated co-operative bank; (ii) the members holding seventy-five per cent or more voting rights in the amalgamating co-operative bank become members of the amalgamate .....

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..... e resulting co-operative bank; (ii) the assets and the liabilities are transferred to the resulting co-operative bank at values (other than change in the value of assets consequent to their revaluation) appearing in its books of account immediately before the transfer; (iii) the resulting co-operative bank issues, in consideration of the transfer, its membership to the members of the demerged co-operative bank on a proportionate basis; (iv) the shareholders holding seventy-five per cent or more in value of the shares in the demerged co-operative bank (other than shares already held by the resulting bank or its nominee or its subsidiary immediately before the transfer), become shareholders of the resulting co-operative bank, otherwi .....

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