law: Chapter II
  Direct Tax
  Income-Tax
  2. In the Income-tax Act, 1961 (hereinafter referred to as the principal Act in this Chapter), in section 2, in clause (19AA), after Explanation 4, the following Explanation shall be inserted, with effect from the 1st day of April, 2017, namely:-
  "Explanation 5.-For the purposes of this clause, the reconstruction or splitting up of a company, which ceased to be a public sector company as a result of transfer of its shares by the Central Government, into separate companies, shall be deemed to be a demerger, if such reconstruction or splitting up has been made to give effect to any condition attached to the said transfer of shares and also fulfils such other conditions as may be notified by the Central Government in the Official Gazette.".