Hi...
what should be treatment in Income tax if an asset is totally destroyed and nothing is realised as scrap.
On plain reading of act it provides " Moneys payable in respect of asset of same block which are sold, demolished or discarded should be reduced from WDV ". moneys payable includes salvage value
does it mean that if nothing is realised then there should be no reduction from WDV and Company shall be claiming Dep. over the years for the it does not possess.
Do reply...........
CAclubindia
