sonal khandelwal (xyz) 20 October 2019
Under sec 72A of Income Tax Act 1961:
Amalgamating Co.is transferor Co.
And benefit of Carry forward of losses is available to amalgamated Co.
i. e Amalgamated Co. is Transferee Co.
However in case of Banking regulations act
Treats Amalgamating Co. as Transferee Co.
And amalgamated Co. as Transferor Co.
"6) On the sanctioning of a scheme of amalgamation by the Reserve Bank, the property of the "amalgamated banking company"shall, by virtue of the order of sanction, be transferred to and vest in, and the liabilities of the said company shall, by virtue of the said order be transferred to, and become the liabilities of, the banking company which under the scheme of amalgamation is to acquire the business of the amalgamated banking company. "