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of <h1>Income-tax Act Section 72A Amended: New Sub-section (3) Guides Amalgamation Process for Industrial Companies and Ships.</h1> Section 72A of the Income-tax Act has been amended to include a new sub-section (3). This sub-section addresses the process for a company owning an industrial undertaking or a ship that proposes to amalgamate with another company. The proposed scheme of amalgamation must be submitted to a specified authority. If the authority is satisfied that the conditions of sub-section (1) will be met, it will inform the company that, barring any significant changes in relevant facts, it will recommend the amalgamation to the Central Government.
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