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Treatement of loss of fixed assets in fire as per incometax act

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(Querist)
26 September 2013 please help me following case of loss of fixed assets due to fire and its treatemen incometax act

WDV of assets is 25,00,000 and loss due to fire is 18,00,000 and isurance claim 15,00,000 isurance claim is pending

How to make entry of above for incometax puro file a return before 30 sept.
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CA Parul Saxena

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CA Parul Saxena (Expert)
26 September 2013 Loss due to fire Dr.........300000
Insurance Claim receivable.1500000
To Fixed assets .................1800000

Above entry is on the basis of assumption that you have provided block value of assets Rs.2500000 out of which assets having WDV Rs.1800000 has been destroyed.
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CA Parul Saxena

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CA Parul Saxena (Expert)
26 September 2013 Loss due to fire Dr.........300000
Insurance Claim receivable.1500000
To Fixed assets .................1800000

Above entry is on the basis of assumption that you have provided block value of assets Rs.2500000 out of which assets having WDV Rs.1800000 has been destroyed.
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Ganeshbabu K

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Ganeshbabu K (Expert)
26 September 2013 if you are maintaining accumulated depreciation accounts
.
.
credit the cost of machinery and debit the accumulated depreciation on machinery
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