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Section 21 – The Public Sector Iron and Steel Companies (Restructuring) and Miscellaneous Provisions Act,1978

The Public Sector Iron and Steel Companies (Restructuring) and Miscellaneous Provisions Act,1978

Section 21. Provisions with respect to income-tax and surtax

(1) The Integral Company shall be liable to pay any sum under the provisions of the Income-tax Act or the Companies (Profits) Surtax Act which any dissolved company would have been liable to pay if the dissolution had not taken place in the like manner and to the same extent as the dissolved company.

(2) For the purpose of making an assessment of the income or , as the case may be, the chargeable profits of any dissolved company and for the purpose of levying any sum in accordance with the provisions of sub-section (1);-

(a) Any proceeding taken against any dissolved company before the appointed day shall be deemed to have been taken against the Integral Company and may be continued against the Integral Company from the stage at which it stood immediately before the appointed day;

(b) Any proceeding which could have been taken against any dissolved company if the dissolution had not taken place may be taken against the Integral Company ; and

(c) All the provisions of the Income-tax Act or, as the case may be , the Companies ( Profits ) Surtax Act shall apply accordingly.

(3) The assessment of the income, or as the case may be, the chargeable profits of the previous year of any dissolved company in which the dissolution took place up to the appointed day shall be made as if such dissolution had not taken place, and all the provisions of the Income Tax Act and the Companies (Profits ) Surtax Act shall, so far as may be apply accordingly.

(4) The transfer to, and vesting in, of the undertaking of any dissolved company in the Integral Company under the provisions of this Act shall be deemed to be an amalgamation in relation to such companies and the provisions of the Income -tax Act shall, so far as may be, apply accordingly as if reference in the said Act to the amalgamating company and amalgamated company were references to the dissolved company and the Integral Company respectively.

(5) Where any capital asset forming part of any undertaking belonging to the transferred unit or , as the case may be, the Hindustan Steel Limited is, in pursuance of section 5 or section 6 or section 7, transferred to, and vests in, the Integral Company or the Bharat Refractories Limited or, as the case may be, the Metallurgical and Engineering Consultants( India) Limited , such capital asset shall be deemed to have been transferred in a scheme of amalgamation and the provisions of the Income-tax Act shall, so far as may be apply accordingly as if references in the said Act to the amalgamating company were references to the transferred unit or, as the case may be, the Hindustan Steel Limited and the references to the amalgamated company, being an Indian company, Limited or, as the case may be, the Metallurgical and Engineering Consultants (India) Limited.

(6) The accumulated loss and the unabsorbed depreciation , if any of any dissolved company shall be deemed to be the loss or, as the case may be allowance for depreciation of the Integral Company for the previous year in which undertaking of the dissolved company vested in the Integral Company , and the provisions of the Income-tax Act relating to set off and carry forward of loss and allowances for depreciation shall apply accordingly.

(7) The provisions of sub-section (1) to (6) shall have effect notwithstanding anything to the contrary contained in the Income-tax Act or the Companies (Profits ) Surtax Act.

Explanation :- For the purposes of this section

(a) “Income -tax Act ” , means the Income -tax Act,1961 (43 of 1961);

(b) “Companies ( Profits) Surtax Act” means the Companies (Profits ) Surtax Act,1964 (7 of 1964);

(c) Words and expression used in this section and not defined in this
Act but defined i n the Income-tax Act or the Companies (Profits) Surtax Act shall have the meanings respectively assigned to them in the said Act.

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The Public Sector Iron and Steel Companies (Restructuring) and Miscellaneous Provisions Act,1978

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