Sec 72a

provided the following conditions are fulfilled:


(i)         that the accumulated loss of the amalgamating company before amalgamation exceeds fifty. per cent of the aggregate of its paid-up share capital;.


(ii)       that the amalgamating company was not immediately before its amalgamation financially viable;


(iii)       that amalgamation was in public interest


(iv)       that such other conditions as Central Government may notify in the Official Gazette to ensure that the benefit under this section would facilitate the rehabilitation; or revival of the business of amalgamating company; and


(v)        the Central Government makes declaration to this effect [Section 73A(1)].

 

The benefit to set-off or carry forward shall not be available to the amalgamated company if it carries on the business of amalgamating company after making any modification or reorganisation and such modification or reorganisation are not approved by prescribed authority. The amalgamated company shall have to furnish, alongwith return of income, a certificate from the specified authority to the effect that adequate steps have been taken by the company for the rehabilitation or revival of the business of the amalgamating company [Seëtion 72(2)1.