28As noted by the European Commission, that obligation for the receiving company, if it wishes to benefit from fiscal neutrality, to maintain the continuity of the valuation of the assets and liabilities transferred in order to calculate any new depreciation and any gains or losses in respect of those assets and liabilities, is intended to prevent that neutrality from leading to a permanent exemption which is, however, not provided for in Directive 90/434. It follows from the fourth and sixth recitals in the preamble thereto that that directive establishes only a system of deferral of the taxation of the capital gains relating to the assets transferred, which, while avoiding taxation arising from the business transfer itself, safeguards the financial interests of the State of the transferring company while ensuring taxation of those capital gains at the date of their actual disposal (see, to that effect, Case C-321/05 Kofoed [2007] ECR I-5795, paragraph 32; A.T., paragraph 28; and Modehuis A. Zwijnenburg, paragraph 39).
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