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Substitution of new section for section 72AA.

..... set off of accumulated loss and unabsorbed depreciation allowance in scheme of amalgamation in certain cases. 72AA. Notwithstanding anything contained in sub-clauses (i) to (iii) of clause (1B) of section 2 or section 72A, where there has been an amalgamation of- (i) one or more 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.) 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) o .....

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..... ave been entitled to carry forward and set off under the provisions of section 72, if the amalgamation had not taken place; (ii) banking company shall have the meaning assigned 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 insur .....

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..... into force by the Central Government under sub-section (7) of section 45 of the Banking Regulation Act, 1949; 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 Undertaking Act, 1970 or under section 9 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980; or (iii) one or more Government company or companies with any other Government company under a scheme sanctioned and brought into force by the Central Government under section 16 of the General Insurance Business (Nationalisation) Act, 1972, the accumulated loss and unabsorbed depreciation of such .....

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