Dear Learned Members,
Section 72A of Income Tax Act States that , the amalgamating company
(ii) has held continuously as on the date of the amalgamation at least three-fourths of the book value of fixed assets held by it two years prior to the date of amalgamation; to carry forward & set off business loss and unabsorbed depreciation in the amalgamted company.
Now my question is that should i consider the gross block or net block for calculating the Book Value of fixed assets.
Please help
Regards,
Shinil.
CAclubindia
