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Indirect Taxation

In balancing charge Asset is sold NOT MORE THAN NET BOOK VALUE given in statement but in problem asset actually exceeds the net book value how?

Kanaga Mani

CA Inter

★ 3K+

31-May-20 21:41

393

Answers (1)

Conditions to be satisfied for applying Balance charge under section 41(2) 1. Balance charge = Sale Consideration - WDV 2. Balance Charge < Actual Cost - WDV (please correct your answer accordingly) Year of Taxability: In the previous year in which moneys payable is due.