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of <h1>New Sub-Section 6 Added to Section 35A: Amalgamated Companies Inherit Rights and Obligations in Amalgamation Schemes</h1> In the Finance (No. 2) Act, 1967, Section 35A of the Income-tax Act is amended by adding a new sub-section (6). This sub-section addresses scenarios involving a scheme of amalgamation where an amalgamating company transfers its rights to an amalgamated Indian company. It specifies that sub-sections (3) and (4) will not apply to the amalgamating company. Instead, the provisions of Section 35A will apply to the amalgamated company as they would have to the amalgamating company if the rights had not been transferred.
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