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In Part (ii) of the Question, True Cost of Acquisition of Night Ltd. is calculated as Night’s Equivalent Market Value (Post Merger) less Purchase Consideration of Rs. 55 Crores and not Value of Night (Pre Merger) which is Rs. 52.5 Crores.
Whereas, in most of questions we have calculated NPV of B by reducing Value of B (Pre Merger). Whether, ICAI Solution is incorrect or we have to consider Purchase Consideration for calculation of NPV of B?
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