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of <h1>Income-tax Act Sec 35 Amended: Successor Liable for Predecessor's Development Rebate Allowances, Tax on Recomputation Payable by Successor.</h1> In the Finance Act of 1961, section 35 of the Income-tax Act is amended in sub-section (11). Clause (i) is revised to include the phrase 'or for any consideration not connected with any amalgamation or succession referred to in clause (vic) of sub-section (2) of section 10.' Additionally, an Explanation is added, clarifying that a successor, as defined in sub-clause (i) or (ii) of clause (vic) of sub-section (2) of section 10, is considered the assessee for development rebate allowances made to the predecessor, and any tax from recomputed total income of the predecessor is payable by the successor.
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