Special provisions relating to business reorganisation

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..... rces' of the predecessor, in respect of the financial year in which business reorganisation has taken place, shall be deemed to be the 'unabsorbed preceeding year loss from ordinary sources' of the successor in respect of the financial year; and the provisions of section 58 shall apply accordingly. (3) The 'unabsorbed current loss from special source' of the predecessor for the financial year in w .....

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..... subsequent financial years shall, regardless of anything to the contrary contained in this Code, be rectified as if the provisions of this section had never been given effect to in those financial years if the test of continuity of business, or any of the conditions specified in sub-section (4), is not satisfied at any time during five financial years immediately succeeding the financial year in w .....

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