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Which of the following conditions are satisfied in case of sale...

This question belongs to Commerce Income Tax And Corporate Tax
Income Tax and Corporate Tax
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Which of the following conditions are satisfied in case of sale of depreciable assets, in which assessee has claimed depreciation and sale was in even of discontinuance of business?
1. The difference between the net consideration and WDV shall be treated as short-term capital gain/loss.
2. If the difference between the net consideration and WDV results in gain, then it will be liable to tax.
3. If the difference between the net consideration and WDV results in loss, then it will set-off against any head.
Select the correct answer using the options given below

Answer & Solution
Correct Answer: Option B
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