Provision for Fixed asset Written off

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Querist : Anonymous

Querist : Anonymous (Querist)

28 September 2010 Under which section this is disallowed
Please let me knw urgent.......

Mouli

Mouli (Expert)
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28 September 2010 is it impairment loss

Querist : Anonymous

Querist : Anonymous (Querist)

28 September 2010 No its not found in Fixed asset verification ?

Mouli

Mouli (Expert)
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28 September 2010 As section 30 to 36 not covers this allowance we need to check section 37 but it is a capital expenditure so allowance u/s 37 will not arise.

Querist : Anonymous

Querist : Anonymous (Querist)

28 September 2010 Yes so which section is applicable

Mouli

Mouli (Expert)
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29 September 2010 There is no specific section. As it is a Capital (Assets) Loss so it relates to CG head but not PGBP head so we should add back to Net profit under PGBP head and when the block will become empty then capital gain/loss should be considered.

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