A machine owned by AB & Co. was transferred to XYZ & Co. on 1st January, 2019 for ₹5 lakh of which actual cost and WDV was of ₹3 lakh and ₹2 lakh respectively. However, the fair market value on the date of transf
CS Executive · Tax Laws · PYQS · December 2019
A machine owned by AB & Co. was transferred to XYZ & Co. on 1st January, 2019 for ₹5 lakh of which actual cost and WDV was of ₹3 lakh and ₹2 lakh respectively. However, the fair market value on the date of transfer of machine was of ₹4 lakh. XYZ & Co. will be allowed depreciation on such machine by taking value thereof at __________ .
Answer & Explanation:
Correct Answer: Option (D)
Official answer key: (D).
Topics: Income Tax Act, 1961
Related Questions in this Topic
- Which of the following criteria would make a foreign company to have its active business outside India? (i) Passive inco...
- Crow Ltd is engaged in export of articles and things eligible for deduction under section 10AA of the Income Tax Act, 19...
- Raghu retired on 31st October, 2022 after rendering service for 32 years in a listed company. He received ₹23,00,000 as ...
- Dave & Co. made a turnover of ₹160 lakh during the financial year 2022-23. It received ₹90 lakh by way of RTGS and n...
- Laxmi received ₹30,000 per month by way of family pension (consequent to demise of her husband, who died in April, 2019)...