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of <h1>Income-tax Act Section 42 Amended: New Rules for Business Transfers in Petroleum and Natural Gas Sector</h1> Section 42 of the Income-tax Act is amended to include a new sub-section (2), effective April 1, 1999. It addresses the transfer of a business involved in petroleum and natural gas. If the transfer proceeds, which are capital sums, are less than the unallowed expenditure, a deduction equal to the remaining unallowed expenditure minus the proceeds is allowed. If proceeds exceed the unallowed expenditure, the excess is taxable as business profits. No deduction is allowed if proceeds are not less than the unallowed expenditure. In amalgamations, the provisions apply to the amalgamated company as they would to the original company.
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