(2)Any profits and gains arising from such deemed transfer of capital asset or stock in trade or both, as the case may be, by the specified entity shall be—(i)deemed to be the income of such specified entity of the previous year in which such capital asset or stock in trade or both were received by the specified person; and(ii)chargeable to income-tax as income of such specified entity under the head "Profits and gains of business or profession" or under the head "Capital gains", in accordance with the provisions of this Act.
