Rajat Dalal had following assets:
(i) Machinery purchased form Deepak Kalal for 10 lakhs on 1st April, 2015 and residual value after useful life of 5 years, based on 2015 prices is 10 lakhs.
(ii) Land for 50 lakhs.
(iii) A Machinery is constructed for 5,00,000 for its own use (useful life is 10 years). Construction is completed on 1st April, 2019, but the company does not begin using the machine until 31st March, 2020.
(iv) Machinery purchased on 1st April.2017 for ` 50,000 with useful life of 5 years and residual value is NIL. On 1st April, 2019, management decided to use this asset for further 2 years only.