Home > Income Tax Act 2025 > Section-117Last Updated: Feb 21st 2025
Section-117 provides that in a case of amalgamation the accumulated loss and depreciation of amalgamating entity shall be deemed to be loss and depreciation of amalgamated entity specified therein. Learn to understand the section-117 as it is, it's help and useful links to follow.
Here onwards, "Act" refers to "Income Tax Act 2025"
the accumulated loss and unabsorbed depreciation of such banking company or companies or amalgamating corresponding new bank or banks or amalgamating Government company or companies, shall be deemed to be the loss or, allowance for depreciation of the banking institution or company or amalgamated corresponding new bank or amalgamated Government company for the tax year in which the scheme of amalgamation was brought into force and other provisions of this Act relating to set off and carry forward of loss and allowance for depreciation shall apply accordingly.
as the case may be, which is deemed to be the loss of the successor entity, being—
as the case may be, shall be carried forward in the hands of the successor entity for not more than eight tax years immediately succeeding the tax year for which such loss was first computed for original predecessor entity.
Disclaimer: This article provides an overview and general guidance, not exhaustive for brevity. Please refer Income Tax Act, GST Act, Companies Act and other tax compliance acts, Rules, and Notifications for details.