Section 9 - Amendment of section 35 - Finance Act, 1961

9. Amendment of section 35 In section 35 of the Income-tax Act, in sub-section (11),- (a) in clause (i), after the words other than the Government , the words or for any consideration not connected with any amalgamation or succession referred to in clause (vic) of sub-section (2) of section 10 , shall be inserted; (b) the following Explanation shall be inserted, namely:- Explanation.-For the purposes of this sub-section, a successor referred to in sub-clause (i) or sub-clause (ii) of clause (vic) of sub-section (2) of section 10 shall be deemed to be the assessee even in respect of an allowance by way of development rebate made to the predecessor, and any tax resulting from the recomputation of the total income for any previous year of the predecessor shall be payable by the successor. .