https://www.taxtmi.com/caselaws?id=768760 The Bombay HC ruled in favor of the assessee regarding adjustment of written down value of assets in an amalgamation case. The court held that Section 72A provisions were not applicable as the amalgamating companies were not financially non-viable and no public interest was involved. The HC disagreed with the Tribunal's finding that Central Government approval under Section 72A was required, stating the appellant was entitled to adjust written down value based on depreciation actually allowed to amalgamating companies. The court agreed with CIT (Appeals) that unabsorbed depreciation should be added to written down value of amalgamated company's asset block. en-us Wed, 09 Apr 2025 00:00:00 +0530 Sat, 12 Apr 2025 14:41:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768760 The Bombay HC ruled in favor of the assessee regarding adjustment of written down value of assets in an amalgamation case. The court held that Section 72A provisions were not applicable as the amalgamating companies were not financially non-viable and no public interest was involved. The HC disagreed with the Tribunal's finding that Central Government approval under Section 72A was required, stating the appellant was entitled to adjust written down value based on depreciation actually allowed to amalgamating companies. The court agreed with CIT (Appeals) that unabsorbed depreciation should be added to written down value of amalgamated company's asset block. Case-Laws Income Tax Wed, 09 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768760