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business taxation pakistan (0) A machine costing Rs 1,500,000, being used in ZL's Faisalabot-tatry was transferred to its istoriandladesh. The fair market value and tax
business taxation pakistan
(0) A machine costing Rs 1,500,000, being used in ZL's Faisalabot-tatry was transferred to its istoriandladesh. The fair market value and tax written down value of the machine on the date of transfer were Rs. 2,500,000 and RSA BUCUou respectively. Required: Explain the taxability of Q.No 5 on 1 January 20X9, ZL entered into a forward contract for the purchase of raw materials to be used in its business to guard against loss through price fluctuations. On the date of maturity of the forward contract, ZL did not take the delivery of the raw materials but the contract was settled by making a payment of Rs. 500,000. Required: Explain the taxability of the above transactionsStep by Step Solution
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