If a business has a block of assets, suppose of Rs.1 Lac and it sells the whole block for Rs. 1.2 Lac.
Then there is a profit of 20000, i think this profit should be treated as short term capital gain?????
Am i Right? Please clear this query...
Also if the business purchases another asset of same block afterwards, then will the previous profit can be adjusted against cost of the block???????
CAclubindia
