Welcome to Monday Corner, an initiative from Tax Publishers…
Monday Corner is specially designed to reward the intellectuals like you:
- We will send a Brainteaser on every Monday through email to your inbox and
- You need to send your answer in revert with reasoning by Wednesday at quiz.taxpub@gmail.com
The most suitable reply will be uploaded on our website (www.taxpublishers.in) in Monday Corner along with the photo/credentials of the winner of the week. If, per chance, winner happens to be more than one, the result will be drawn by lottery.
The winner would receive any one of the following books as free gift...
Quiz for the week (17 Feb 2025) :
Akash Ltd has two undertakings engaged in manufacture of bricks and cement. The undertakings were geographically dispersed and maintaining identity. The cement unit was subjected to demerger to Prakash Ltd on 01.11.2023. The WDV of the assets covered in demerger was Rs.7 crores and the fair market value for the purpose of demerger was determined at Rs.20 crores. Depreciation for the assessment year 2024-25 was claimed on Rs.7 crores for the respective periods. For the assessment year 2025-26, the tax counsel of demerged company Prakash Ltd suggested claim of depreciation on Rs.20 crores and not on Rs.7 crores less depreciation of the assessment year 2024-25. Decide the validity of the suggestion.
Kindly mail your answers on or before 24th February, 2025.