(5)Notwithstanding anything contained in the order specified in sub-section (4), for all of the purposes of this Act, the said two or more companies will be treated as distinct companies and will be treated as such for the periods upto the date of the said order and the registration certificates of the said companies will be cancelled, where necessary, with effect from the date of the said order.[(5-A) (a) When any company is de-merged by the order of a Court or of the Central Government and the order is to take effect from a date earlier to the date of the order, then for all of the purposes of this Act, it shall be presumed that the two or more companies brought into existence by the operation of the said order have not sold or purchased any goods to or from each other during the period commencing on the date from which the order is to take effect and ending on the date of the order, and will be assessed to tax accordingly.(b)Notwithstanding anything contained in the order specified in clause (a), for all of the purposes of this Act, the said two or more companies will be treated as single company for the periods upto the date of the said order and the registration certificate of the de-merged company will be cancelled, where necessary, with effect from the date of the said order and the said two of more companies shall be granted registration certificates, where necessary, from the date of the said order.(5-B) Notwithstanding anything contained in Section 14, when the ownership of the business of a registered dealer is entirely transferred or when two or more companies are amalgamated or a company is de-merged, by the order of a court or of the Central Government, then the transferee, the amalgamated company or the de-merged companies shall be entitled to take credit of the input tax rebate, which remains unadjusted on the date of said transfer or the order of amalgamation or de-merger, as the case may be.] [Inserted by M.P. Act No. 8 of 2007.]
