I have a query on slump sale.....
If transferee company acquires assets at the value higher than book value(as per the books of transferor company) then what will be the WDV in the books of transferee company as per Companies Act & as per Income Tax Act ? And how the depreciation will be computed in the year of acquisition & in subsequent years in the books of transferee as per both the Acts ?
In the absence of any specific provisions for computation of WDV of assets acquired upon slump sale in the books of the successor, a view could be taken that apportionment of slump consideration on the basis of fair values of various assets is possible.
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Vardhaman Group of India
Pimpri Chinchwad
CA Inter
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