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XYZ Private Ltd, lncated in Mysnre is in the husiness of manufacturing confectionery items which is listed in the Eleventh schedule. The Statement of Profit and Loss for the year ended 31st March, 2022 showed a net profit of 50 lakhs after debit/credit of the following items: Items debited (i) Depreciation based on useful life of assets 30,00,000. (ii) An amount of 1,00,000 were spent on salaries and materials purchased for scientific research and development. (iii) An amount of 1,00,000 was paid to an employee on his voluntary retirement in accordance with a scheme of voluntary retirement. (iv) Purchase of raw materials include purchase of wheat in cash for 2,00,000 from Farmer 0 different dates exceeding 10,000 per day. (v) The Company has paid 50,000 as regularization fee to the M to regularize the deviation from the sanctioned plan in construc Additional Information: (1) The Company has capitalized glow sign board 1,00,000 instal (2) One of the sundry creditors for supply of rice flour was settle against his outstanding balance of 3,00,000 due to non-supp However, the entire amount was offset against an amount re of the sundry creditor. 3) The written down value of assets as on 1-4-2021 was as follo 1. Factory buildings 50 lakhs 2. (a) Plant and machinery 100 lakhs (b) New plant and machinery installed and put to u (c) Machinery which was sold to M/s ABC Ltd. on 1 were re-acquired on 1-8-2021 for 5 lakhs. 3. Lorries and Vans 10 lakhs. 4. Office Equipment 5 lakhs. 5. Computers purchased and installed in office on 2-1te total income of XYZ Private Ltd. for the Assessment Ye