Written Down Assets of Constituent Companies can be adjusted by Amalgamated Company Without Central Govt Approval: Bombay HC [Read Order]
The bench concurred with the assessee that, in its own assessment, the assessee had not claimed carryover of unabsorbed depreciation of amalgamating entities
The Bombay High Court stated that amalgamated company can adjust written down of assets of amalgamating companies and claim depreciation without central government’s approval. The appellant TechNova Platemaking Systems Limited (now known as TechNova Imaging Systems Limited) was formed by the merger of TechNova Graphic Systems Pvt. Ltd. and Image Printmakers Pvt. Ltd. The transferor…
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