One asset is Destructed due to fire... What will be tax consequences no insurance claim received... If only one asset in block can we claim SLCL or continue charging depreciation
Please clarify thanx in advance
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asset destroyed due to fire
Replies (4)
Continue depreciation for the asset..
if the block is exhausted due to the destructed asset then loss can be claimed else continue with the depreciation of that block and charge the loss after claiming insurance to revenue
no depriciation can claim becz the assets was not exist but these loss can be set off and carry forward
depend upon nature of loss
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