Section 14(2) in Bolani Ores Limited (Acquisition of Shares) And Miscellaneous Provisions Act, 1978.
(2)For the purpose of making an assessment of the income or, as the case may be, the chargeable profits of the dissolved company and for the purpose of levying any sum in accordance with the provisions of sub-section (1),-(a)any proceeding taken against the dissolved company before the appointed day shall be deemed to have been taken against the Steel Authority of India and may be continued against the steel Authority of India from the stage at which it stood immediately before the appointed any;(b)any proceeding which could have been taken against the dissolved company, if the dissolution had not taken place, may be taken against the Steel Authority of India; and(c)all the provisions of the Income-tax Act or, as the case may be, the companies (Profits) Surtax Act shall apply accordingly.
