16 September 2009
one of my client closing their patnership firm, they sold their entire fixed assets ther is loss in sale of F.A. Is loss on f.a. sold adjusted against profit of the firm because the firm dissolve ther patnership in current year only then how can the loss will be carry forward is any solution is ther please send me urgently with section details.
17 September 2009
Since it is FA sold where depreciation had been charged in the previous years. You can show the loss on sal of FA and adjust the same against Profit for the year .. against all business profit .. from other sources if the above two are falling short
CAclubindia
