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 whether the transfer of assets and profits or gains sustained by the body corporate which has been transferred might, 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 shall be apportioned, amongst the transferee body 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 serve 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 these losses were sustained.