Section 9(2) in The Iron And Steel Companies Amalgamation Act, 1952
(2)For the purposes of any law relating to taxation on income, the original cost to the Iron and Steel Company of the buildings, machinery, plant or furniture of the dissolved company transferred to it by virture of this Act shall be deemed to be the written down value thereof, as reduced by the initial depreciation permitted by sub--section (2) of section 10 of the Indian Income--Tax Act, 1922 (XI of 1922), which has been or could have been computed by the dissolved company on the appointed day if this Act had not been passed.
