TMI BlogProvisions relating to carry forward & set off of accumulated losses and unabsorbed deprecaition in case of Amalgamation, Demerger etc. - Section 72AX X X X Extracts X X X X X X X X Extracts X X X X ..... bsorbed Depreciation and Business Loss' can be carried forward by a person who has incurred such loss or depreciation but certain exceptions are provided in sections 72A and 72AB which provides for carry forward and set off of accumulated business loss and unabsorbed depreciation allowance in the hands of amalgamated company or resulting company/cooperative bank. On inheritance on death of an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t of certain conditions. Section 72AA : Loss of the banking company amalgamated with [other banking institution under a scheme sanctioned by CG or 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, Added b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hare purchase agreement ends Note: In case any condition provided for amalgamation is not fulfilled then, set off or allowance of depreciation made in any PY in the hands of Amalgamated Co. shall be deemed to be the income of the Amalgamated Co. chargeable to tax in which such conditions are not complied with - Deemed Income u/s 72A. [Clause iii of Explanation added by FA, 2023 (iii) strategic dis ..... X X X X Extracts X X X X X X X X Extracts X X X X
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