Understanding "Moneys Payable" in Section 41(3) of the Income Tax Act, 1961: Assets, Sales, and Motor Car Valuation.

"Moneys Payable" under section 41(3) of the Income Tax Act, 1961, refers to amounts related to buildings, machinery, plant, or furniture, including insurance, salvage, or compensation. When such assets are sold, the sale price is included. Specifically for motor cars, if the actual cost is deemed to be twenty-five thousand rupees per section 43, the payable amount is proportionate to this figure relative to the actual cost. This includes any insurance, salvage, compensation, or scrap value amounts.

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