Income Tax Ordinance, 2001

CHAPTER-V

PROVISIONS GOVERNING PERSONS PART IV COMPANIES

From: 2023-07-01 - To: 0000-00-00 (2) Where sub-section (1) applies - (a) each of the assets acquired by the company shall be treated as having the same character as it had in the hands of the association; (b) the company’s cost in respect of the acquisition of the assets shall be - (i) in the case of a depreciable asset or amortized intangible, the written down value of the asset or intangible immediately before the disposal; (ii) in the case of stock-in-trade valued for tax purposes under sub-section (4) of section 35 1[***], that value; or (iii) in any other case, the association’s cost at the time of the disposal; (c) if, immediately before the disposal, the association is subject to tax in accordance with sub-section (1) of section 92 and the association has deductions allowed under sections 22, 23 and 24 in respect of the assets transferred which…