During the year 2011-12, car was stolen by theft. WDV of the Motor Car is Rs.23.00 Lakhs consists two cars. WDV of stolen car is Rs.15.00 approximately. Insurance against loss of car is not yet received. What is the accounting treatment and tax treatment?
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Car lost by theft
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reduced the amount of insuance claim from the WDV as per block of assest consept
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