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This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 September 2011
in which sec of IT act loss on sale of fixed assest disallowed? sir reply plz
24 September 2011
Section 37 of the Income Tax Act provides that capital expenditures are not allowed as deduction.
Loss on sale of fixed assets is a capital loss and therefore will not be allowed as deduction.
Loss on sale of fixed assets is a capital loss and therefore will not be allowed as deduction.
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