85. Advisory Committee(s).—(1) The Central Government may by order, establish one or more
Advisory Committees within a period of 90 days from the appointed day, for the purposes of:
(a) apportionment of assets, rights and liabilities of the companies and corporations constituted
for the existing State of Jammu and Kashmir between Union territory of Jammu and Kashmir and
Union territory of Ladakh;
(b) issues relating to Continuance of arrangements in regard to generation and supply of electric
power and supply of water;
(c) issues related to Jammu and Kashmir State Financial Corporation;
(d) issues related to Companies constituted for the existing state of Jammu and Kashmir
regarding the division of the interests and shares and reconstitution of Board of Directors;
(e) issues related to facilities in certain State Institutions; and
(f) issues related to any other matters not covered under this section.
(2) The committees so appointed under sub-section (1) of this section, shall submit their reports
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within six months to the Lieutenant Governor of Union territory of Jammu and Kashmir, who shall act
on the recommendations of such committees within a period of 30 days from the date of receiving
such reports.
86. Temporary provisions as to continuance of certain existing road transport permits.— (1)
Notwithstanding anything contained in section 88 of the Motor Vehicles Act, 1988 (59 of 1988), a
permit granted by the State Transport Authority of the existing State of Jammu and Kashmir or any
Regional Transport Authority in that State shall, if such permit was, immediately before the appointed
day, valid and effective in any area in the transferred territory, be deemed to continue to be valid and
effective in that area after that day till its period of validity subject to the provisions of that Act as for
the time being in force in that area; and it shall not be necessary for any such permit to be
countersigned by the Transport Authority of any of Union territory or any Regional Transport
Authority therein for the purpose of validating it for use in such area:
Provided that the Lieutenant Governor may add to amend or vary the conditions attached to the
permit by the Authority by which the permit was granted.
(2) No tolls, entrance fees or other charges of a like nature shall be levied after the appointed day
in respect of any transport vehicle for its operations in any of the successor Union territories under any
such permit, if such vehicle was, immediately before that day, exempt from the payment of any such
toll, entrance fees or other charges for its operations in the transferred territory:
Provided that the Central Government may, after consultation with the Government of Union
territory of Jammu and Kashmir or the administration of Union territory of Ladakh, as the case may
be, authorise the levy of any such toll, entrance fees or other charges, as the case may be:
Provided further that the provisions of this sub-section shall not be applicable where any such tolls,
entrance fees or other charges of a like nature are leviable for the use of any road or bridge which is
constructed or developed for commercial purpose by the State Government, an undertaking of the
State Government, a joint undertaking in which the State Government is a shareholder or the private
sector.
87. Special provision as to income-tax.—Where the assets, rights and liabilities of any body
corporate carrying on business are, under the provisions of this Part, transferred to any other bodies
corporate which after the transfer carry on the same business, the losses or profits or gains sustained
by the body corporate first-mentioned which, but for such transfer, would have been allowed to be
carried forward and set off in accordance with the provisions of Chapter VI of the Income-tax Act,
1961 (43 of 1961), shall be apportioned amongst the transferee bodies corporate in accordance with
the rules to be made by the Central Government in this behalf and, upon such apportionment, the
share of loss allotted to each transferee body corporate shall be dealt with in accordance with the
provisions of Chapter VI of the said Act, as if the transferee body corporate had itself sustained such
loss in a business carried on by it in the years in which those losses were sustained.