Loss of fixed assets- business loss
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 August 2011
The fixed assets became not usable . can the balance be claimed as business loss
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.
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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