https://www.taxtmi.com/caselaws?id=63362 Statutory amalgamation under the Companies Act may govern the tax treatment of a transferor undertaking's losses, reserves and depreciation where the amalgamation order specifically incorporates them into the transferee's accounts. The special mandate is treated as prevailing over general carry-forward rules, allowing unabsorbed business losses and depreciation to be considered in the transferee's tax position. Corporate veil principles may support recognition of the combined economic identity where government-owned undertakings with identical businesses merge. The transferred assets' written down value is computed as it would have stood for the amalgamating company, including the effect of unabsorbed depreciation. 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 Statutory amalgamation under the Companies Act may govern the tax treatment of a transferor undertaking's losses, reserves and depreciation where the amalgamation order specifically incorporates them into the transferee's accounts. The special mandate is treated as prevailing over general carry-forward rules, allowing unabsorbed business losses and depreciation to be considered in the transferee's tax position. Corporate veil principles may support recognition of the combined economic identity where government-owned undertakings with identical businesses merge. The transferred assets' written down value is computed as it would have stood for the amalgamating company, including the effect of unabsorbed depreciation. Case-Laws Income Tax Mon, 16 May 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63362