Mr. X sold a building for ₹5,00,000 as part of his business. The stamp duty authority valued that building for ₹5,20,000. The valuation officer determines the value for ₹5,70,000. Assessing officer at the time of assessm
CS Executive · Tax Laws · PYQS · December 2023
Mr. X sold a building for ₹5,00,000 as part of his business. The stamp duty authority valued that building for ₹5,20,000. The valuation officer determines the value for ₹5,70,000. Assessing officer at the time of assessment took the value as per his discretion as ₹6,00,000. What will be the correct value for sale consideration for the purpose of computation of business Income ?
Answer & Explanation:
Correct Answer: Option (A)
Official answer key: (A).
Topics: Income Tax Act, 1961
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