19 March 2010
ABC pvt ltd has a car which had accident and company paid 75000rs in cash for its reapirs to the hyundai company and got rs 55000 from insurance company what would be its treatment in income tax ? what would be treatment of both the amount ?
19 March 2010
My friend there is no impact in Income tax as the car is still there and not sold or destroyed... Just accounting entries to pass in books of accounts.
CAclubindia
