Section 87 — Special provision as to income-tax.

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 SERVICES