87. Special provision as to income-tax.—Where the assets, rights and liabilities of any body
corporate carrying on business are, under the provisions of this Part, transferred to any other bodies
corporate which after the transfer carry on the same business, the losses or profits or gains sustained
by the body corporate first-mentioned which, but for such transfer, would have been allowed to be
carried forward and set off in accordance with the provisions of Chapter VI of the Income-tax Act,
1961 (43 of 1961), shall be apportioned amongst the transferee bodies corporate in accordance with
the rules to be made by the Central Government in this behalf and, upon such apportionment, the
share of loss allotted to each transferee body corporate shall be dealt with in accordance with the
provisions of Chapter VI of the said Act, as if the transferee body corporate had itself sustained such
loss in a business carried on by it in the years in which those losses were sustained.
PART XIII
PROVISIONS AS TO SERVICESSource footnotes
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More sections of this act
Section 1 · Short title.Section 2 · Definitions.Section 3 · Formation of Union territory of Ladakh without Legislature.Section 4 · Formation of Union territory of Jammu and Kashmir with Legislature.Section 5 · Governor of existing State of Jammu and Kashmir to be common Lieutenant Governor.Section 6 · Amendment of First Schedule to the Constitution.Section 7 · Saving powers of the Government of Union territory of Jammu and Kashmir.Section 8 · Amendment of Fourth Schedule to Constitution.India Code, Government of India. Text fetched 10 Oct 2026. Check the linked official text and subsequent notifications when applying a provision.