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of <h1>Amendment to Section 35 of Income-tax Act: No Deductions for Amalgamating Companies on Transferred Research Assets</h1> In the Finance (No. 2) Act, 1967, an amendment to Section 35 of the Income-tax Act introduces a new sub-section (5). This provision addresses scenarios where an amalgamating company transfers an asset related to capital expenditure on scientific research to an amalgamated Indian company. The amendment specifies that the amalgamating company is not eligible for deductions under certain clauses of sub-section (2). Additionally, the provisions applicable to the amalgamating company will similarly apply to the amalgamated company, as if the asset transfer had not occurred.
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