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of <h1>Amendment to Income-tax Act: New Sub-section 47A(3) Makes Previously Untaxed Gains Taxable If Conditions Are Breached.</h1> Section 47A of the Income-tax Act is amended to include a new sub-section (3), effective from April 1, 1999. This provision states that if the conditions specified in the provisos to clauses (xiii) or (xiv) of section 47 are not met, any profits or gains from the transfer of capital or intangible assets, which were initially not taxed under section 45 due to these conditions, will be considered taxable profits and gains for the successor company in the year the conditions are breached.
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