Loss of fixed assets- business loss

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Querist : Anonymous

Querist : Anonymous (Querist)

11 August 2011 The fixed assets became not usable . can the balance be claimed as business loss

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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11 August 2011 As per Accounting Standard, the value of asset to be written off and to be shown separately at its scrape value, if any realisable.

From Income Tax point of view, unless the asset is discarded, and if other assets are in the block, loss can not be claimed.

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