Deduction under section 10B: reorganisation transfers bar deduction in the year of amalgamation and extend rules to the resulting company. Amendments clarify temporal scope of transitional clauses, add a transitional rule that bars deduction to the amalgamating or demerged company in the year of amalgamation or demerger while applying the section's provisions to the resulting company as if the reorganisation had not occurred, omit specified subsections and an explanation, and insert a definition expressly treating cutting and polishing of precious and semi-precious stones as 'manufacture or produce.'
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Provisions expressly mentioned in the judgment/order text.
Deduction under section 10B: reorganisation transfers bar deduction in the year of amalgamation and extend rules to the resulting company.
Amendments clarify temporal scope of transitional clauses, add a transitional rule that bars deduction to the amalgamating or demerged company in the year of amalgamation or demerger while applying the section's provisions to the resulting company as if the reorganisation had not occurred, omit specified subsections and an explanation, and insert a definition expressly treating cutting and polishing of precious and semi-precious stones as "manufacture or produce."
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