Business reorganisation succession: assessments during reorganisation deemed made on successor, applying Act to successor from effective date

Section 170 is amended to insert sub-section (2A) deeming any assessment, reassessment or other proceedings made on a predecessor during a business reorganisation to have been made on the successor, and to provide that the provisions of the Act shall, so far as may be, apply to the successor; an Explanation defines "business reorganisation" (amalgamation, de merger or merger) and "pendency" (period from filing or admission of reorganisation or insolvency proceedings until the order is received by the Principal Commissioner or Commissioner).

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