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In illustration 7 I understood that if the transaction lacks commercial substance its measured at BOOK VALUE of assets given up. But what makes us deduct the cash recieved was by doubt.

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Kaveesh Sethi

Kaveesh Sethi

CA Inter

2K+

13-Nov-20

50

Answers (3)

Two assets received in return for one asset given up. cash and new car.


Suraj Lakhotia

Suraj Lakhotia

Admin

13-Nov-20

So is it right to say the cash and car together should amount to 13 L and as cash having a commercial value of 15k and the Balance will be for the other asset.


Thread Starter

Kaveesh Sethi

Kaveesh Sethi

CA Inter

2K+

15-Nov-20

Yes.


Suraj Lakhotia

Suraj Lakhotia

Admin

16-Nov-20

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