About disallowance of profit on sale of asset
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
30 September 2014
In a block of assets an asset is sold for Rs.2000 whose WDV is Rs.1000 and the block was still existed and profit of Rs.1000 is recognised in P&L. should we less profit of Rs.1000 in computation statement?
30 September 2014
iF BLOCK OF ASSET STILL EXISTS THEN THERE IS NO CAPITAL GAIN U/S 50.AND GAIN ON SALE OF ASSET AS PER BOOK IS CAPITAL RECEIPT AND NOT BUSINESS INCOME SO YOU HAVE DEDUCT WHILE COMPUTATION OF INCOME
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