Successor in Business - Definition / Legal Terminology - Income Tax

Explanation 2 .- For the purposes of sub-section (1) of section 41 of the Income tax Act 1961 , Successor in Business means,- ( i ) where there has been an amalgamation of a company with another company, the amalgamated company; ( ii ) where the first-mentioned person is succeeded by any other person in that business or profession, the other person; ( iii ) where a firm carrying on a business or profession is succeeded by another firm, the other firm; ( iv ) where there has been a demerger, the resulting company.