Treatment of destroyed assets
This query is : Resolved
24 August 2011
one of our assets was destroyed and lost in flood with in the 2 months from put to use. and there was no depreciation for such assets. my query is what will the treatment under income tax for such destroyed assets. there was no scrap value since the assets is not to tracable
CA Ashwani Agarwal
(Expert)
24 August 2011
Show the same as disposed off and the value will be short term capital loss.
CA Ashwani Agarwal
(Expert)
24 August 2011
Well, in that case, no problem, keep on claiming depriciation.
CA Ashwani Agarwal
(Expert)
24 August 2011
No provision in the Income Tax allows you to do that as per my understanding.
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