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of <h1>Amendment to Income-tax Act: Section 42 Updated for Amalgamation/Demerger Transfers Effective April 1, 2000.</h1> In the Finance Act of 1999, section 42 of the Income-tax Act is amended, effective April 1, 2000. The amendment revises sub-section (2), clause (c), introducing a new proviso. This proviso specifies that in cases of amalgamation or demerger, when the amalgamating or demerged company transfers its business to an amalgamated or resulting company (which must be an Indian company), the provisions of this sub-section will not apply to the amalgamating or demerged company. Instead, these provisions will apply to the amalgamated or resulting company as they would have to the original company had the business not been transferred.
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