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of <h1>Section 87 of Jammu & Kashmir Reorganisation Act: Profit & Loss Apportionment Rules for Transferee Corporations</h1> Section 87 of the Jammu & Kashmir Reorganisation Act, 2019, addresses the transfer of assets, rights, and liabilities of corporate bodies. When such transfers occur, the profits or losses that would have been carried forward by the original corporate body under Chapter VI of the Income-tax Act, 1961, are to be apportioned among the transferee corporations. The Central Government will establish rules for this apportionment. Each transferee corporation will then manage its share of the losses as if it had incurred them, following the provisions of Chapter VI of the Income-tax Act.
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