Amendment of section 2

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..... ed profits, whether capitalised or not, or loss, as the case may be, shall be increased by the accumulated profits, whether capitalised or not, of the amalgamating company on the date of amalgamation. ; (b) with effect from the 1st day of April, 2019, (i) in clause (24), (A) after sub-clause (xii), the following sub-clause shall be inserted, namely: (xiia) the fair market value .....

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..... mulated profits for the purposes of the said clause. It is proposed to insert a new Explanation to the said clause to provide that in the case of an amalgamated company, accumulated profits or loss in the hands of the amalgamated company shall be increased by the accumulated profits of the amalgamating company, whether capitalised or not, on the date of amalgamation. This amendment will t .....

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..... e. It is proposed to insert a new sub-clause ( ba ) in clause ( i ) of Explanation 1 of the said clause ( 42A ) so as to provide that in case inventory is converted into or treated as a capital asset under the proposed new clause ( via ) of section 28, the period shall be reckoned from the date of its conversion or the treatment. These amendments will take effect from 1st April, 2019 and w .....

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