Section 72AB(2)(b) in The Income Tax Act, 1961

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Union of India - Subsection

Section 72AB(2)(b) in The Income Tax Act, 1961

(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 period of five years immediately succeeding the date of business reorganisation;

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

(iii)fulfills 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 72AB(2)(b) in The Income Tax Act, 1961