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Chapter V
COMPUTATION OF INCOME
1[32A. The Capital gains from the transfer of business or undertaking shall be computed after making the following deductions from the full value of the consideration received or accruing from the transfer of the business or undertaking in its entirety or the fair market value thereof, whichever is higher, namely:—
(a) any expenditure incurred solely in connection with the transfer of the business or undertaking in its entirety; and
(b) the book value of the assets minus the liabilities taken up as on the date of transfer as a result of the transfer of the business or undertaking in its entirety.”]
