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A machine owned by AB & Co. was transferred to XYZ & Co. on 1st January 2021 for ₹ 5 lakh of which actual cost and WDV was of ₹ 3 lakh and 2 lakh respectively. However, the fair market value on the date of transfer of the machine was ₹ 4 lakh. XYZ & Co. will be allowed depreciation on such machine by taking value thereof at ₹…

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A machine owned by AB & Co. was transferred to XYZ & Co. on 1st January 2021 for ₹ 5 lakh of which actual cost and WDV was of ₹ 3 lakh and 2 lakh respectively. However, the fair market value on the date of transfer of the machine was ₹ 4 lakh. XYZ & Co. will be allowed depreciation on such machine by taking value thereof at ₹…






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