Income tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 September 2013 1. An assessee has filled return in time but has not sent acknowledgement to cpc within 120days . What he should do?

2. Under which section of Income tax act,1961 loss on sale of fixed assets is disallowed?

Ashwani Narnoli

Ashwani Narnoli (Expert)
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29 September 2013 Fixed assets have to be check whether they fall under the definition of capital assets. The treatment of profit and loss on such sale shall be dealt under Capital Gains.

CS RAJESH C.CHOUDHARY

CS RAJESH C.CHOUDHARY (Expert)
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29 September 2013 If you miss submitting your ITR-V within 120 days, your e-filing will be considered as null and void. It means that it will be considered that you have not yet filed your return. In such a case you will have to file revised return, get a new ITR-V and submit the same within 120 days.
Regards,
RAJESH CHOUDHARY

CA Pallav Singhania

CA Pallav Singhania (Expert)
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29 September 2013 Whenever an asset is sold from the block the sale price is reduced from the written down value of the Block.
Profit or Loss computed only when the clock ceases to exists,

Otherwise no profit or loss allowed as deduction...

Ashish Bansal

Ashish Bansal (Expert)
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29 September 2013 CPC has extended the due dates of sending ITR V. Check I'd for your assessment year, it is still open.
Loss on sale of fixed asset is not allowed as business loss but you have to deduct the net consideration from relevant block of asset. In case block ceased to exist, short term capital loss will be allowed.

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