Section Text
In section 47A of the Income-tax Act, after sub-section (2) the following sub-section shall be inserted with effect from the 1st day of April, 1999, namely:--
(3) Where any of the conditions laid down in the proviso to clause (xiii) or the proviso to clause (xiv) of section 47 are not complied with, the amount of profits or gains arising from the transfer of such capital asset or intangible asset not charged under section 45 by virtue of conditions laid down in the proviso to clause (xiii) or the proviso to clause (xiv) of section 47 shall be deemed to be the profits and gains-chargeable to tax of the successor company for the previous year in which the requirements of the proviso of the proviso to clause (xiii) or the proviso to clause (xiv), as the case may be, are not complied with."