sonal khandelwal (xyz) 20 October 2019
Is there difference in concept of Amalgamated company and Amalgamating company under Income Tax Act and Banking Regulation Act.
Because in Income Tax Act
Accumulated loss and unbsorbed depreciation of Amalgamating Co shall be deemed to be loss or as the case may be allowance for depreciation of Amalgamated Co.
Transferor is amalgamating Co.
Transferee is amalgamated Co.
Banking Regulation Act
Sec 44 A( 6)
On sanctioning of a scheme of amalgamation by the RBI the property of amalgamated banking Co i. e transferor Co. Shall by virtue of order be transferred to and vest in the Transferee Co.