(7)If an undertaking of Indian company entitled for deduction under sub-section (1) is transferred before expiry of five years specified in the said sub-section, in a scheme of amalgamation, to another Indian company, then—(a)no deduction under sub-section (1) shall be allowed to the amalgamating company for the tax year in which amalgamation takes place; and(b)all provisions of this section shall continue to apply to the amalgamated company as they would have applied to the amalgamating company, as if the amalgamation had not taken place.
