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Tax liability on revalued asset transferred to creditors

This query is : Resolved 
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(Querist)
15 January 2021 Plant and machinery book value of 2 crores revalued to 10 crores against 10 crores liability of sundry creditors .
Any tax implications
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
01 December 2021 Unless sold or transferred, no tax liability.

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