Section 72A(2)(ii) of the I.T. Act, 1961-Need for certificate from specified authority in respect of adequacy of steps taken for rehabilitation or revival of the business of amalgamating co.-Clarification regarding

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....ehabilitation or revival of the business of amalgamating co.-Clarification regarding Circular No. 350 Dated 29/9/1982 In cases where the Central Government issues under section 72A(1), a declaration that the amalgamation of a company (which was not financially viable by reason of its liabilities, losses, etc.) with another company has been in the public interest, the accumulated losses and the ....

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....in which the benefit under section 72A is claimed. 3. The issue has been examined and the Board have been advised that section 72A(2) of the Act provides that the accumulated loss shall not be set off or carried forward and the unabsorbed depreciation shall not be allowed in the assessment of the amalgamated company unless the two conditions specified therein are fulfilled. On a perusal of the tw....