Sec. 47 of Income Tax Act... Help needed

There are three sister concerns.. X Pvt. Ltd., Y Pvt. LTD., and Z Pvt. Ltd... involved in similar business of thermoforming.

X Pvt. Ltd is incurring heavy losses, and its is decided to sell part of the fixed assets of X to Y, and ABC Pvt. Ltd. (which belongs to a totally different group), and amalgamate X with Z (along with some fixed assets, and all the balance networth.)

Consider the following transactions...

1. FA -Machinery (WDV) Rs.45,00,000/- trfd. to Y @ a loss of Rs. 14,00,000/-

2. FA -Land and Building (WDV) Rs. 1,00,00,000/- trfd. to ABC Pvt. Ltd. for Rs.2,40,00,000/- (I think in the normal course of business it is a deemed capital gain of Rs.1,40,00,000/-)

3. FA -(balance WDV) Rs.5,00,000/- and other assets and liabilities merged with Z Pvt. Ltd.

All are depriciable assets..

My question is what are the tax implications of the above transactions, .. like...

will deemed capital gain be attracted to X in case of transfer of assets to ABC Pvt. Ltd(i.e. whether the transaction with ABC Pvt. Ltd be regarded as "transfer")?,

Is the date of amalgamation vis-av-vis date of transfer to ABC Pvt. Ltd. important to claim the benifit of Sec. 47?.... i.e. What if assets to ABC Pvt. Ltd are trfd. in AY 2008-09, and amalgamation takes place in AY 2009-10?...

What if instead of loss in transaction no.1, there is a profit?

Is any other sec., other than Sec. 47 is of any relevance here?

Pls. Consider this urgent... thanks