other income
Querist : Anonymous
like company - pvt ltd company purchased some machinery and sale during the year & earned profit.
wat the treatment under IT act,
and weather deferred taxliablity arise.
In books u will have to recognise profit on sale.
Whereas in income tax
- if block ceased to exist then gains to be taxable as STCG u/s 50 and no Deferred tax to be made.
- if block does not cease to exist then sale credited to the block no profit to recognise and Deferred tax to be made.
Querist : Anonymous
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