Loss due to fire
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 May 2017
Dear Experts,
in our factory there has been fire tragedy wherein one of our customer raw materials has been damaged which was brought in our factory for job work. the raw materials cost was was 4 Lakh Hence we have settled this matter by paying Rs. 3 Lakh to our customer. pls clarify.... can we avail the deduction of 3 Lakh in income tax,
Thanks
Anuj Jain
in our factory there has been fire tragedy wherein one of our customer raw materials has been damaged which was brought in our factory for job work. the raw materials cost was was 4 Lakh Hence we have settled this matter by paying Rs. 3 Lakh to our customer. pls clarify.... can we avail the deduction of 3 Lakh in income tax,
Thanks
Anuj Jain
04 May 2017
Yes you can claim it as a loss in the course of business under Sec 37(1)
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- TDS on Purchase of Immovable Property by NRI from NRI
- Capital gain from sale of house property
- Multiple trade mark
- Copyright software
- Value of property in capital gain
- Regarding TDS Applicability For Director Remuneration
- FORM 26A APPLICABILITY
- When TDS on GST applied
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
