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of <h1>Income-tax Act Section 35E amended: Deduction rules for Indian companies in demergers updated, affecting eligibility and responsibilities.</h1> Section 35E of the Income-tax Act is amended to include sub-section (7A) effective April 1, 2000. This provision addresses the scenario where an Indian company's undertaking, eligible for deductions under sub-section (1), is transferred to another Indian company through a demerger before the ten-year period ends. In such cases, the demerged company cannot claim the deduction for the year of demerger. The resulting company will be subject to the same provisions as the demerged company would have been if the demerger had not occurred.
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