Written Down Assets of Constituent Companies can be adjusted by Amalgamated Company Without Central Govt Approval: Bombay HC

Bombay High Court held that the written down value of assets of constituent companies can be adjusted by the amalgamated company without central government approval. The court interpreted the relevant provisions of the Income Tax Act concerning mergers and amalgamations. This ruling simplifies the process for companies undergoing mergers by removing the requirement for central government approval for adjusting the written down value of assets. This decision is expected to facilitate smoother corporate restructuring and reduce administrative burdens associated with mergers and amalgamations.