Shruthi Herbals (P) Ltd engaged in manufacturing activity acquired an equipment for ₹5 lakhs meant for scientific research purposes in the financial year 2017-18. It claimed 150% of the cost of expenditure as deduction u
CS Executive · Tax Laws · PYQS · June 2021
Shruthi Herbals (P) Ltd engaged in manufacturing activity acquired an equipment for ₹5 lakhs meant for scientific research purposes in the financial year 2017-18. It claimed 150% of the cost of expenditure as deduction under section 35. The asset ceased to be used for scientific research purposes subsequently and it was sold for ₹4 lakhs on 16.08.2020. How much is taxable as a result of sale of such asset ?
Answer & Explanation:
Correct Answer: Option (A)
Official answer key: (A).
Topics: Income Tax
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