15 March 2011
Hi All, Suppose there is a block of Plant and Machinery which stands in books but in actual it is obsolete therefore i just wants to written off it therefor by following AS-28 Impairment of Asset the impairment loss is charged to profit and loss account. Now at the year end is Capital Gain tax will attract as the whole of Block is written off by showing Impairment Loss or this treatment will be treated as normal course transaction in the INCOME TAX LAW.
16 March 2011
Helllo when you are writing off any assets in the books how come it can be charged to income tax sinice there is no transfer and no gains.
CAclubindia
