Incentive for amalgamation extended to hotels and certain banks - Sec. 72A. The benefit of carry forward and set off of accumulated LOSSES and unabsorbed depreciation would be extended in the case of amalgamation of a company owning a hotel with ANOTHER company or an amalgamation of a banking company with the State Bank of INDIA or its subsidiary or other specified banks. Two additional conditions for amalgamating a company will have to be fulfilled, viz. that it should have been engaged in the business for at least 3 years during which the accumulated loss has occurred or the unabsorbed depreciation has accumulated and it has held continuously as on the DATE of amalgamation at least 3/4ths of the book value of fixed assets held by it two years prior to the date of amalgamation.

Incentive for amalgamation extended to hotels and certain banks - Sec. 72A. The benefit of carry forward and set off of accumulated losses and unabsorbed depreciation would be extended in the case of amalgamation of a company owning a hotel with another company or an amalgamation of a banking company with the State Bank of India or its subsidiary or other specified banks. Two additional conditions for amalgamating a company will have to be fulfilled, viz. that it should have been engaged in the business for at least 3 years during which the accumulated loss has occurred or the unabsorbed depreciation has accumulated and it has held continuously as on the date of amalgamation at least 3/4ths of the book value of fixed assets held by it two years prior to the date of amalgamation.