(4)Irrespective of anything contained in sub-section (1), (2) and (3), the accumulated loss shall not be set off or carried forward and the unabsorbed depreciation shall not be allowed in the assessment of the amalgamated company unless,—(a)the amalgamating company—(i)has been engaged in the business, in which the accumulated loss occurred or depreciation remains unabsorbed, for three or more years;(ii)has held continuously as on the date of the amalgamation, at least three-fourths of the book value of fixed assets held by it two years preceding the date of amalgamation;(b)the amalgamated company—(i)holds continuously for a minimum of five years from the date of amalgamation at least three-fourths of the book value of fixed assets of the amalgamating company acquired in a scheme of amalgamation;(ii)continues the business of the amalgamating company for a minimum of five years from the date of amalgamation;(iii)fulfils such other conditions as may be prescribed to ensure the revival of the business of the amalgamating company or to ensure that the amalgamation is for genuine business purpose.
