Disallowance in the case of loss on sale of fixed asset

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Arunkumar E (Querist)
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25 February 2022 I would like guidance in the following issue.

An asset is sold for 12,50,000/- where as its WDV in the Books of Accounts showed a balance of Rs.13,47,000/- thus the balance of the WDV was debited to P&L as "Loss on sale of fixed asset".

What are the necessary disclosures/disallowances in Income computation and Tax audit report.

Thanks in advance.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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25 February 2022 Loss on sale of fixed assets to be disallowed. Income tax Depreciation to be calculated considering credit of sale value to block of assets.

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