Value of Block of assets in case of assets acquired under Slump sale
This query is : Resolved
19 September 2023
In case of a slump sale of a business unit of X limited(seller) to Y limited(buyer), what should be the block value of the assets taken over by Y limited for the purpose of computing depreciation under Income tax act?
(Let us assume for Sch III balance sheet purpose assets and liabilities are taken over at book value of X limited(seller)ie; at book value as per Sch III of X Ltd)
(Let us assume for Sch III balance sheet purpose assets and liabilities are taken over at book value of X limited(seller)ie; at book value as per Sch III of X Ltd)
20 September 2023
The block value of the assets taken over will be the wdv book value of X Ltd.
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