SALE OF UNDERTAKIN

DEAR FRIENDS,

A FIRM WHICH IS ENGAGED IN SOLVENTS MANUFACTURE INCURRED LOSS FOR THE PAST TWO YEARS & DURING THE FY 10 - 11 THE MANAGEMENT HAS DECIDED TO SELL THE UNIT AS ON WHEREIS BASIS. MAY I KNOW THE TAX IMPLICATION IN THE HANDS OF THE FIRM ON SALE OF THE UNIT BY ASSUMING THE FOLLOWING FIGURES

TOTAL FIXED ASSETS AS PER BS AS ON 31.03.2010 RS.50,00,000/- (INCLUDES L&B,P&M,COMPUTERS,FURINTURE)

SALE CONSIDERATION (ESTIMATED) RS.1,50,00,000/- FOR SALE OF ALL THE ABOVE MENTIONED ASSETS.