Section 36 "Other Deductions"
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
31 October 2009
1.) It is given under this section that if ANIMAL dead or permanently useless then amount can be claim under P&L is "ACTUAL COST minus AMOUNT REALIZED". But my question is," if we receive Amount Realized(or Sale Value) more then Actual Cost incurred for that animal then, would excess amount will be taxable as Capital Gain or Business Income.?
Please answer!!!!
Please answer!!!!
CA. B.SRINIVASULU
(Expert)
01 November 2009
It should be treated as business income.
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