Rosy Ltd. engaged in manufacture of bio-medicines in August, 2016 converted one equipment which was used for scientific research purposes previously, for regular business use. The original cost of the plant is ₹ 15 lakhs
CS Executive · Tax Laws and Practice · PYQS · June 2017
Rosy Ltd. engaged in manufacture of bio-medicines in August, 2016 converted one equipment which was used for scientific research purposes previously, for regular business use. The original cost of the plant is ₹ 15 lakhs which was acquired in April, 2015. The company had claimed deduction at 200% under section 35(2AB) in the assessment year 2016-17. The plant used for scientific research would be included in the block of assets now at a value of :
Answer & Explanation:
Correct Answer: Option (A)
Official answer key: (A).
Topics: Income Tax
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