TMI BlogCarry forward and set off of accumulated loss and unabsorbed depreciation allowance in scheme of amalgamation in certain casesX X X X Extracts X X X X X X X X Extracts X X X X ..... Act, 1949 (10 of 1949.); or (b) any other banking institution or a company subsequent to a strategic disinvestment, wherein the amalgamation is carried out within a period of five years from the end of the previous year during which such strategic disinvestment is carried out; or ] (ii) one or more corresponding new bank or banks with any other corresponding new bank under a scheme brought into force by the Central Government under section 9 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970.) or under section 9 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980.) or both, as the case may be; or (iii) one or more Government company or companies with any o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gned to it in clause (c) of section 5 of the Banking Regulation Act, 1949; (10 of 1949.) (iii) banking institution shall have the meaning assigned to it in sub-section (15) of section 45 of the Banking Regulation Act, 1949; (10 of 1949.) (iv) corresponding new bank shall have the meaning assigned to it in clause (d) of section 2 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970.) or, as the case may be, clause (b) of section (2) of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980; (40 of 1980.) (v) general insurance business shall have the meaning assigned to it in clause (g) of section 3 of the General Insurance Business (Nationalisation) Act, 1972; (57 of 1972 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... section 2 or section 72A, where there has been an amalgamation of a banking company with any other banking institution under a scheme sanctioned and brought into force by the Central Government under sub-section (7) of section 45 of the Banking Regulation Act, 1949 (10 of 1949), the accumulated loss and the unabsorbed depreciation of such banking company shall be deemed to be the loss or, as the case may be, allowance for depreciation of such banking institution for the previous year in which the scheme of amalgamation was brought into force and other provisions of this Act relating to set-off and carry forward of loss and allowance for depreciation shall apply accordingly. Explanation .- For the purposes of this section,- ..... X X X X Extracts X X X X X X X X Extracts X X X X
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