Where the assets, rights and liabilities of any body corporate carrying on business are, under the provisions of this Part, transferred to any other bodies corporate which after the transfer carry on the same business, the losses of profits or gains sustained by the body corporate first mentioned which, but for such transfer, would have been allowed to be carried forward and set off in accordance with the provisions of Chapter VI of the Income-tax Act, 1961 (43 of 1961), shall be apportioned amongst the transferee bodies corporate in accordance with the rules to be made by the Central Government in this behalf and, upon such apportionment, the share of loss allotted to each transferee body corporate shall be dealt with in accordance with the provisions of Chapter VI of the said Act as if the transferee body corporate had itself sustained such loss in a business carried on by it in the years in which these losses were sustained.
Section 76: Special provision as to income-tax.
The Punjab Reorganisation Act, 1966Central Act · Act 31 of 1966
Where this provision sits
| Act | The Punjab Reorganisation Act, 1966 |
|---|---|
| Section | 76 |
| Marginal note | Special provision as to income-tax. |
| Jurisdiction | Central |
| Status | In force as published by the source |
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