https://www.taxtmi.com/caselaws?id=63362 A statutory amalgamation order under section 396 of the Companies Act, 1956, containing specific terms on transfer of undertaking and treatment of losses, reserves and profits, is described as prevailing over the general carry-forward regime under the Income-tax Act, 1961. On that footing, the transferor's unabsorbed business loss and unabsorbed depreciation are treated as part of the transferee's loss position. The note also states that, in a statutory merger of closely connected undertakings, the corporate veil may be lifted to recognise the combined commercial identity. For written down value, section 43 and the relevant Explanation are said to require computation on the basis that the transferred assets stood in the amalgamating company's hands. en-us Mon, 16 May 1983 00:00:00 +0530 Sat, 29 Jan 2011 15:55:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63362 A statutory amalgamation order under section 396 of the Companies Act, 1956, containing specific terms on transfer of undertaking and treatment of losses, reserves and profits, is described as prevailing over the general carry-forward regime under the Income-tax Act, 1961. On that footing, the transferor's unabsorbed business loss and unabsorbed depreciation are treated as part of the transferee's loss position. The note also states that, in a statutory merger of closely connected undertakings, the corporate veil may be lifted to recognise the combined commercial identity. For written down value, section 43 and the relevant Explanation are said to require computation on the basis that the transferred assets stood in the amalgamating company's hands. Case-Laws Income Tax Mon, 16 May 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63362