Section 118(3)(b) in The Income Tax Act, 2025

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Union of India - Subsection

Section 118(3)(b) in The Income Tax Act, 2025

(b)the successor co-operative bank,—

(i)holds at least three-fourths of the book value of fixed assets of the predecessor co-operative bank acquired through business reorganisation, continuously for a minimum five years immediately succeeding the date of business reorganisation;

(ii)continues the business of the predecessor co-operative bank for a minimum five years from the date of business reorganisation; and

(iii)fulfils such other conditions, as may be prescribed, to ensure the revival of the business of the predecessor co-operative bank or to ensure that the business reorganisation is for genuine business purpose.

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Union of India - Subsection

Section 118(3)(b) in The Income Tax Act, 2025