Tribunal Confirms Depreciation Value Based on Bank Arrangement in Bank of Thanjavur Amalgamation Case.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Cost of acquisition / Actual cost - Depreciation on assets taken over in pursuant to amalgamation - Value to be taken as "value fixed in pursuant to arrangement between the assessee’s bank and amalgamated bank" or WDV of amalgamating company - There is no error in the findings given by the Tribunal in upholding the action of the AO in allowing depreciation on assets taken over in pursuant to amalgamation of Bank of Thanjavur Ltd., with assessee’s bank - AT....