https://www.taxtmi.com/caselaws?id=250617 The court held that depreciation on fixed assets post-amalgamation should be calculated based on the actual cost less the depreciation "actually allowed" to the U.K. Company. The written down value for depreciation purposes was determined to be Rs. 1,72,78,297/-, as per the Scheme of Amalgamation, rejecting the original cost or notional figures proposed by the authorities. The court ruled in favor of the Assessee, directing that depreciation be granted based on this value. The Income Tax Reference was disposed of with no order as to costs. en-us Wed, 13 Aug 2014 00:00:00 +0530 Thu, 19 Feb 2015 13:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=250617 The court held that depreciation on fixed assets post-amalgamation should be calculated based on the actual cost less the depreciation "actually allowed" to the U.K. Company. The written down value for depreciation purposes was determined to be Rs. 1,72,78,297/-, as per the Scheme of Amalgamation, rejecting the original cost or notional figures proposed by the authorities. The court ruled in favor of the Assessee, directing that depreciation be granted based on this value. The Income Tax Reference was disposed of with no order as to costs. Case-Laws Income Tax Wed, 13 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=250617