Section 8 - Amendment of Section 32 - Finance (No. 2) Act, 1967

8. Amendment of Section 32 In section 32 of the Income-tax Act, in clause (2) of the Explanation to clause (iii) of sub-section (1), after the words for the time being in force , the following words shall be added, namely :- but does not include a transfer, in a scheme of amalgamation, of any asset by the amalgamating company to the amalgamated company where the amalgamated company is an Indian company .