India - Income Tax Act 2010 - Saarc

1.371 CH. VI - AGGREGATION OF INCOME AND SET OFF OF LOSS S. 72AA(iv) mining; or(v) the construction of ships, aircrafts or rail systems;](b) “unabsorbed depreciation” means so much of the allowance fordepreciation of the predecessor firm or the proprietary concern orthe amalgamating company or the demerged company, as the casemay be, which remains to be allowed and which would have beenallowed to the predecessor firm or the proprietary concern oramalgamating company or demerged company, as the case may be,under the provisions of this Act, if the reorganisation of business oramalgamation or demerger had not taken place;]The following clause (b) shall be substituted for the existing clause (b)of sub-section (7) of section 72A by the Finance Act, 2010, w.e.f.1-4-2011 :(b) “unabsorbed depreciation” means so much of the allowance fordepreciation of the predecessor firm or the proprietary concern or theprivate company or unlisted public company before conversion intolimited liability partnership or the amalgamating company or thedemerged company, as the case may be, which remains to be allowedand which would have been allowed to the predecessor firm or theproprietary concern or the company or amalgamating company ordemerged company, as the case may be, under the provisions of thisAct, if the reorganisation of business or conversion or amalgamationor demerger had not taken place;50[(c) “specified bank” means the State Bank of India constituted under theState Bank of India Act, 1955 (23 of 1955) or a subsidiary bank asdefined in the State Bank of India (Subsidiary Banks) Act, 1959 (38 of1959) or a corresponding new bank constituted under section 3 of theBanking Companies (Acquisition and Transfer of Undertakings) Act,1970 (5 of 1970) or under section 3 of the Banking Companies(Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980).]51[Provisions relating to carry forward and set-off of accumulated loss andunabsorbed depreciation allowance in scheme of amalgamation of bankingcompany 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 amalgamationof a banking company with any other banking institution under a schemesanctioned and brought into force by the Central Government under sub-section(7) of section 45 of the Banking Regulation Act, 1949 (10 of 1949) 52 , theaccumulated loss and the unabsorbed depreciation of such banking companyshall be deemed to be the loss or, as the case may be, allowance for depreciationof such banking institution for the previous year in which the scheme of50. Inserted by the Finance Act, 2003, w.e.f. 1-4-2004.51. Inserted by the Finance Act, 2005, w.e.f. 1-4-2005.52. For text of sections 5(c) and 45 of the Banking Regulation Act, 1949, see Appendix.