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HC held that the amalgamated company was entitled to adjust the written down value of assets based on actual depreciation, despite not obtaining Central Government approval under Section 72A of the Income Tax Act. The Tribunal's previous order was overturned, affirming the CIT (Appeals) decision. The court found no public interest element in the amalgamation and ruled in favor of the assessee, allowing the adjustment of written down value and depreciation claim on amalgamating companies' assets. The substantial question of law was resolved against the Revenue, permitting the asset value adjustment without mandatory governmental approval.
HC held that the amalgamated company was entitled to adjust the written down value of assets based on actual depreciation, despite not obtaining Central Government approval under Section 72A of the Income Tax Act. The Tribunal's previous order was overturned, affirming the CIT (Appeals) decision. The court found no public interest element in the amalgamation and ruled in favor of the assessee, allowing the adjustment of written down value and depreciation claim on amalgamating companies' assets. The substantial question of law was resolved against the Revenue, permitting the asset value adjustment without mandatory governmental approval.
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