The Applicability of this Section is in the case of
1:- Amalgamation in the nature of merger Or
2:- Amalgamation in the nature of Purchase Or
3:- Both
please Answer the Query Asap
In Income tax act, there is no such concept as Amalgamation in the nature of merger/purchase. Those are AS-14 concept under accounting.
Under Income tax there is just AMALGAMATION (i e merger/purchase there is no such difference).
Section 72A:-
In case of Amalgamation the UNABSORBED DEPRECIATION and BROUGHT FORWARD BUSINESS LOSSES are given NEW 8 YEARS. That is it can now be carried forward to next 8 years by Amalgamated company.
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