Depreciation available on imported cars acquired in M&A even if cars acquired by merged entity before 01-04-2001

Depreciation admissible to transferee-co on imported cars "acquired" under M&A scheme effective after 1-4-2001

The High Court held as under:

M & A can be modes of "acquisition" of imported cars for the purposes of clause (a) of proviso to section 32(1). Transferee-company couldn’t be denied depreciation on imported motor cars acquired by it under scheme of merger effective from a date after 1-4-2001 on the ground that the imported motor cars were originally acquired by merged entities after 28-2-1975 but before 1-4-2001 – CIT V. MIRA EXIM LTD. (2013) 38 taxman 50 (Delhi)