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Old MathJax webview ssss HOOT OUT EN PROBLEM en deduction allowed will be of? 10.00 ILLUSTRATION 36 ABC is a limited company engaged in the
Old MathJax webview
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HOOT OUT EN PROBLEM en deduction allowed will be of? 10.00 ILLUSTRATION 36 ABC is a limited company engaged in the manufacture of automobiles. During the previous par 2014-15 the company has incurred following expenses on scientific research Company purchased latest machinery from Germany and spent 7 20 lacs in April 2014 2. To set up its own research alsoratory, the company purchased a piece of plor for? 5 las and dunng the year spent 2 10 lacs on the construction of laboratory building 3. In own research laboratory research activities started in the month of December 2014 and following expenses are incurred upto 31st March 2015 (1) Salary to research stall-2,00,000 (6) Other expenses on rent free accommodation and other perquisites 80.000 tuo Purchase of raw materials for research 1,60,000 (out of this amount only 90.000 has been certified by the prescribed authority) 4. In January 2015, the company invited from Germany an expert in the Field of stabile research who spent 10 days in the company's research laboratory Company paid trim * 2 lacs and spent another 50,000 for his stay in a five star hotel 5. To promote research, the company made following payments during the year (a) 50.000 is given to an approved research association (b) 50,000 to another approved research association which has its object of research the field of social sciences (a) 31,00,000 is given to Indian Institute of Technology an approved institution by prescribed authority. This amount is given with specific direction to use the money undertaking scientific researchStep by Step Solution
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