Assets and Depreciation Chapter- 10
Q. NO. 3 (d) SUMMER 2007 Describe in detail:
(i) Disposal and acquisition of assets u/s 75 of the Income Tax Ordinance, 2001.
(ii) Business and personal assets u/s 75(7) of Income Tax Ordinance, 2001.
Q. NO. 6(a) WINTER- 2006 Briefly state assets eligible for initial depreciation allowance u/s 23(5) of the
Income Tax Ordinance, 2001.
Q. NO. 4(b) WINTER 2 005 Explain the terms b. Non-arm’s length transactions
Q. NO. 2 WINTER- 2004 What do you understand by the following terms as described in Income Tax
Ordinance, 2001?
Disposal of Assets
Initial allowance u/s 23
Eligible depreciable assets
Business assets and personal assets
Q. NO. 2 WINTER- 2003 Describe amortization of intangibles as an allowable expense under section 24 of
the Income Tax Ordinance, 2001.