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Sale of spoliled items

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(Querist)
11 February 2013 Sale of spoiled items such as potatoes purchased in lots will be considered as income and is it taxable?
Sale of used things (scrap), amount recovered from it is huge. will it be considered as income?
Kindly suggest me on the above queries
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CA. RAGHAV GARG

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CA. RAGHAV GARG (Expert)
11 February 2013 Both are Income and are taxable,
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Shanti

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Shanti (Querist)
12 February 2013 can i claim purchase price of above items as deduction from income as the above items are not used for businnes purpose. am i eligible for deduction or i hve to pay tax on entire whole????
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CA. RAGHAV GARG

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CA. RAGHAV GARG (Expert)
12 February 2013 Yes, its is your business income only taxable under PGBP,

You can claim purchases and all other expenses for such purchase as deductions from income and the remaining amount is Taxable.
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