03 July 2023
We have Purchased Assets of Rs. 100 Crore on credit at the begging of Financial Year and at the end of FY we sold all purchased assts as a slump sale for cash consideration of Rs. 100 crore. What will be tax liability?
Apparently it should be zero but when we calculate capital gain as per the provisions of Rule 11UAE we have capital gain because FMV2 is Rs. 100Crore and the Net worth is Zero.
Can any one solve this puzzle? If so i will be obliged
CAclubindia
