K Ltd., a public company incorporated under the Companies Act, 2013 has two units-one engaged in manufacture and the other involved in service. As the company is planning for restructuring of the company, it has decided

K Ltd., a public company incorporated under the Companies Act, 2013 has two units-one engaged in manufacture and the other involved in service. As the company is planning for restructuring of the company, it has decided to sell its Manufacturing unit as a going concern by way of slump sale for ₹ 50,000 to a new company called M Ltd., in which it holds 73% equity shares. The balance sheet of K limited as on 31st March, 2022, being the date on which Manufacturing unit has been transferred, is given hereunder : Liabilities Amount (₹) Assets Amount (₹) Paid up Share Capital 40,000 Fixed Assets :- General Reserve 13,000 Service unit 18,000 Share Premium 8,000 Manufacturing unit 25,000 Revaluation Reserve 13,400 Debtors :- Current Liabilities :- Service unit 15,000 Service unit 8,000 Manufacturing unit 16,000 Manufacturing unit 6,000 Inventories:- Service unit 10,500 Manufacturing unit 3,900 Total 88,400 Total 88,400 Company has furnished following additional information: (i) The Manufacturing unit is in existence since June, 2016. (ii) Fixed Assets of Manufacturing unit includes land which was purchased at ₹ 6,000 in the month of July 2016 and revalued at ₹ 8,000 as on March 31, 2022. (iii) Fixed assets of Manufacturing unit is at ₹ 17,000 (₹ 25,000 minus land value ₹ 8,000) is written down value of depreciable assets as per books of account. However, the written down value of these assets under section 43(6) of the Income Tax Act, 1961 is ₹ 11,000. For the assessment year 2022-23, Ascertain the tax liability, which would arise to K Limited from slump sale. Cost inflation index for the financial year 2016-17 was 264 and for 2021-22 it was 317.