Sec 43
This query is : Resolved
18 November 2014
please explain sec 43(1) explanation 3....
18 November 2014
If Assesing Officer is of the opinion that the transfer of asset has been done for some malafied intentions of claiming depreciation...say ABC transfers asset having book value of Rs.50,700 to say PQR for say Rs.500,700... Prima facie this transaction aims at claiming MORE depreciation by PQR..... In such cases the actual cost would be treated to be Rs.50,700
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