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of <h1>Amendment to Section 34 of Income Tax Act: Asset Transfer Rules Updated for Holding and Subsidiary Companies.</h1> In the Finance Act of 1965, an amendment to Section 34 of the Income Tax Act modifies the language in the Explanation to clause (i) of subsection (2). The amendment changes the provision to apply when assets are transferred either from a holding company to its subsidiary or vice versa. This is contingent upon meeting the conditions specified in clause (iv) or clause (v) of Section 47, as applicable.
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