Trial run failed - depreciation not claimed - machine put t

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

03 January 2016 A MACHINE PURCHASED IN 2009 FOR 20 LAC,, RS 12 LAC PAID --- TRIAL RUN IN 2011 OF ONE BATCH , (SALES RS 50000/-) ANOTHER TRIAL RUN, 2 BATCHES ( SALES RS 3.50 LAC) -- TRIAL RUNS FAILED -- NO SUFFICIENT VALUE ADDITION TO INPUT --, LOSS -- MACHINE DEFECTIVE -- BALANCE RS 8 LAC NOT PAID AND REVERSED TO COST OF MACHINE IN 2012 --- DEPRECIATION NOT CLAIMED IN 2011 AND 2012 AS MACHINE NOT CONSIDERED AS " PUT TO USE ".-- IN 2014 MACHINE SOLD FOR 9 LAC - FIRM HAS NO OTHER TURN OVER, BUSINESS OR RECEIPT IN 2011-2012-2013-2014 --- RE: TAXABILITY IN 2014 - LOSS ON SALE OF MACHINE --- HOW TO PRESENT ? THANKS

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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03 January 2016 Claim loss on sale as business loss.

Querist : Anonymous

Querist : Anonymous (Querist)

03 January 2016 THANKS SIR.
PLEASE ADVISE : SHALL SALE RS. 900 BE SHOWN U/S 44 AD ? MACHINE WAS SHOWN AS FIXED ASSET. IN CASE U/S. 44AD, NEED GIVE 4 DETAILS : TURN OVER : 9.00 LAC, GROSS LOSS 3.00, EXP. 0, NET LOSS 3.00 IS CORRECT ? OR IN ANYOTHER WAY ? THANKS

Querist : Anonymous

Querist : Anonymous (Querist)