Benefit of fresh lease life of 8 years to tax losses of amalgamating company: Proposed to be Withdrawn

As per Section 72A and Section 72AA of the Income tax Act, 1961 (ITA), accumulated loss and unabsorbed depreciation of amalgamating/predecessor company are deemed to be the loss or unabsorbed depreciation arising in the hands of amalgamated / successor company in the year in which amalgamation was affected (emphasis supplied).