Kindly solve below-mentioned MCQ with relevant Provision of Income Tax
Q-1 Mr. Shikha acquired A,B.C.D shares
Particular NRV Cost
A 100 75
B 120 150
C 140 120
D 200 190
Value of these shares as per ICDS at the end of PY will be
a. 505 b. 535 c. 520 d. 515
Q-2 Where actual cost initially recognized cannot be ascertained by reference to specific identification, which of the following method shall be used for subsequent measurement os securities held as stock in trade as per ICDS VIII
a. FIFO
b. Weighted Average
c. Any of the Above at the option of Assesse
d. LIFO
CAclubindia
