Can Merger[Amalgamation] save Tax ?

I would like to have some comments on the following points...

There is a Company [X] with a balance sheet loss of 40 LACS as on 31-03-08

and Company [Y] with the same year profit of 1 Crore. if [X] is acquired by [Y] company- what would be the impact of P&L account of company [Y]

If [Y] makes profit of let say 80 LACS - does this merger/acquisiton may have any impact on payable I.T. will this be 80 LACS - 40 LACS = 40 LACS as liable Profit to pay the TAX