Section 14 - Amendment of Section 35A - Finance (No. 2) Act, 1967

14. Amendment of Section 35A In section 35A of the Income-tax Act, after sub-section (5), the following sub-section shall be inserted, namely :- (6) Where, in a scheme of amalgamation, the amalgamating company sells or otherwise transfers the rights to the amalgamated company (being an Indian company), - (i) the provisions of sub-sections (3) and (4) shall not apply in the case of the amalgamating company; and (ii) the provisions of this section shall, as far as may be, apply to the amalgamated company as they would have applied to the amalgamating company if the latter had not so sold or otherwise transferred the rights. .