Section 72A(c)

(c) one or more public sector company or companies engaged in the business of operation of aircraft with one or more public sector company or companies engaged in similar business, then, notwithstanding anything contained in any other pro vision of this Act, the accumulated loss and the unabsorbed depreciation of the amalgamating company shall be deemed to be the loss or, as the case may be, allowance for unabsorbed depreciation of the amalgamated company for the previous year in which the amalgamation was effected, and other provisions of this Act relating to set off and carry forward of loss and allowance for depreciation shall apply accordingly.] 4[(2) Notwithstanding anything contained in sub -section ( 1), the accumulated loss shall not b e set off or carried forward and the unabsorbed depreciation shall not be allowed in the assessment of the amalgamated company unless -