Axis limited is a manufacturing company. It purchased a machinery costing 10 Lakhs in April 2023. It paid 4 lakhs upfront and paid the remaining -…

Axis limited is a manufacturing company. It purchased a machinery costing 10 Lakhs in April 2023. It paid 4 lakhs upfront and paid the remaining - 6,00,000 as deferred payment by paying instalment of 1,05,000 for the next 6 months. During the year, the Company sold a land which was classified as its 'property, plant and equipment' for 25,00,000 and paid - 1,00,000 as income tax as long term capital gain on such sale. During the year, the Company also received income tax refund along with interest.