14. Provisions with respect to income-tax and surtax.—(1) The Steel Authority of India shall be
liable to pay any sum under the provisions of the Income-tax Act or the Companies (Profits) Surtax Act
which the dissolved company would have been liable to pay if the dissolution had not taken place, in the
like manner and to the same extent as the dissolved company.
(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.
(3) The assessment of the income or, as the case may be, the chargeable profits of the previous year of
the dissolved company up to the appointed day shall be made as if such dissolution had not taken place
and all the provisions of the Income-tax Act or, as the case may be, the Companies (Profits) Surtax Act
shall, so far as may be, apply accordingly.
(4) The transfer and vesting of the undertakings of the dissolved company in the Steel Authority of
India under the provisions of this Act shall be deemed to be an amalgamation in relation to the dissolved
company and the Steel Authority of India and the provisions of the Income-tax Act shall, so far as may
be, apply accordingly as if references in the said Act to the amalgamating company and the amalgamated
company were references to the dissolved company and the Steel Authority of India respectively.
(5) The accumulated loss and the unabsorbed depreciation, if any, of the dissolved company shall be
deemed to be the loss or, as the case may be, allowance for depreciation of the Steel Authority of India for
the previous year in which the amalgamation referred to in sub-section (4) has taken place and the
provisions of the Income-tax Act relating to set-off and carry forward to loss and allowance for
depreciation shall apply accordingly.
(6) The provisions of sub-sections (1) to (5) shall have effect notwithstanding anything to the contrary
contained in the income-tax Act or the Companies (Profits) Surtax Act.
Explanation.—For the purposes of this section,—
(a) “Income-tax Act” means the Income-tax Act, 1961 (43 of 1961);
(b) “Companies (Profits) Surtax Act” means the Companies (Profits) Surtax Act,
1964 (7 of 1964);
(c) words and expressions used in this section and not defined in this Act but defined in the
Income-tax Act or the Companies (Profits) Surtax Act shall have the meanings respectively assigned
to them in the said Acts.
15. Taxes, fees and other charges not payable.—For the removal of doubts, it is hereby declared
that no taxes, duties, fees or other charges of whatever nature (including registration charges), shall be
payable in respect of any transfer of shares or transfer of undertakings or transfer of any immovable
property, under the provisions of this Act.