Successor in Business defined to include amalgamated company, successor person, succeeding firm and demerged company. For purposes of sub section (1) of section 41 of the Income tax Act, 1961, Successor in Business denotes the person or entity treated as continuing or taking over an existing business. It expressly includes: the amalgamated company on amalgamation; any person who succeeds another in that business or profession; a firm succeeding another firm; and a company resulting from a demerger, each of which is recognised as the successor for the statutory consequences of succession.