47. Amalgamation [or demerger] of Companies.- (1) When two or more companies are to be amalgamated by the order of [Court, Tribunal] or of the Central Government [passed after the appointed day and is to take effect] from a date earlier to the date of the order and any two or more of such companies have sold or purchased any goods to or from each other in the period commencing on the date from which the order is to take effect and [ending on the date, as opted by the company to be the dates of the order or the date on which the Registrar of Companies notifies the amalgamation,] then such transactions of sale and purchase shall be included in the turnover of sale or purchase of the respective companies and shall be assessed to tax accordingly.
(2) Notwithstanding anything contained in the said order, for all of the purposes of this Act, the said two or more companies shall be treated as distinct companies for all the periods upto [such date, as opted by the company under sub-section (4A) of section 44] and the registration certificates of the said companies shall be cancelled, where necessary, with effect from [such date, as opted by the company under sub-section (4A) of section 44].
[(2A) (a) When any company is to be demerged by the order of the [Court, Tribunal] or of the Central Government passed after the appointed day and is to take effect from a date earlier to the date of the order, then for all of the purposes of this Act, it shall be presumed that the two or more companies brought into existence by the operation of the said order have not sold or purchased any goods to each other from the date of effect of the [order to the date, as opted by the company, to be the date of the order or the date on which the Registrar of Companies notifies the demerger].
(b) Notwithstanding anything contained in the said order, for the purposes of this Act, the said two or more companies shall be treated as a single company for all the periods upto [such date, as opted by the company under sub-section (4A) of section 44] and the registration certificate of the company to be demerged shall be cancelled with effect from [such date, as opted by the company under sub-section (4A) of section 44] and the said two or more companies shall, subject to rules, be, granted registration certificates from [such date, as opted by the company under sub-section (4A) of section 44].
[(2B) Notwithstanding anything contained in this section, if the order of the Court, Tribunal or the Central Government is passed on or after the appointed date of the Maharashtra Goods and Services Tax Act, then the provisions of the said Act, in this regard, shall be applicable].
(3) Words and expressions used in this section but not defined shall have the respective meanings assigned to them in the Companies Act, 1956 (I of 1956) .