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of <h1>Income-tax Act Section 35A Amended: New Sub-section (7) Applies to Resulting Companies in Demergers Starting April 1, 2000.</h1> Section 35A of the Income-tax Act is amended to include a new sub-section (7), effective April 1, 2000. In a demerger scenario where the demerged company transfers rights to the resulting Indian company, sub-sections (3) and (4) will not apply to the demerged company. Instead, the provisions of section 35A will apply to the resulting company as they would have to the demerged company if the rights had not been transferred.
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