Section 64 Income Tax Act 2025
Special provision for computing deductions in case of business reorganisation of co-operative banks.
64. (1) The deduction under section 33 or 44 or 52(1) (Table: Sl. No. 1 or 2) shall, in a case where business reorganisation of a co-operative bank has taken place during the tax year, be allowed as per provisions of this section.
(2) The amount of deduction allowable to the predecessor co-operative bank or to the successor co-operative bank or to the converted banking company under section 33 or 44 or 52(1) (Table: Sl. No. 1 or 2) shall be determined as per the formula—
| | (i) for predecessor co-operative bank:— |
| | (ii) for successor co-operative bank or converted banking company:— |
where,—
| | A = the amount of deduction allowable to the predecessor co-operative bank, if the business reorganisation had not taken place; |
| | B = the number of days comprised in the period beginning with the 1st day of the tax year and ending on the day immediately preceding the date of business reorganisation; and |
| | C = the total number of days in the tax year in which the business reorganisation has taken place. |
| | D = the number of days comprised in the period beginning with the date of business reorganisation and ending on the last day of the tax year. |
(3) The provisions of section 44 or 52(1) (Table: Sl. No. 1 or 2) shall, in a case where an undertaking of the predecessor co-operative bank entitled to the deduction under the said section is transferred before the expiry of the period specified therein to a successor co-operative bank or to a converted banking company on account of business reorganisation, apply to the successor co-operative bank or to the converted banking company in the tax years subsequent to the year of business reorganisation as they would have applied to the predecessor co-operative bank, as if the business reorganisation had not taken place.
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