Income Tax Ordinance, 2001 — Section 59C: Carry forward of business losses of sick industrial units

59C. Carry forward of business losses of sick industrial units.- (I) Subject to sub-section (2), where a company hereinafter referred to as acquiring company, acquires under a scheme of acquisition majority share capital of another company being a sick industrial unit, hereinafter referred to as acquired company, the acquiring company shall be entitled to adjust loss for the latest tax year 116 Chapter III – Tax on Taxable Income PART IX DEDUCTIBLE ALLOWANCES