Hello Experts,
In my company discarded an assest and without selling the same claimed insurance amount.
Now the que is what is the amount that I will show in clause 18. Insurance received value or no value as the assest is not sold..
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Clause 18 of Form 3CD
Replies (5)
Quick Summary
If the asset is totally useless or Junk, then show Insurance Received Value.
Thank You Sir.
Can you please tell me in the act where it is mentioned pr how you arrived to this conclusion..
Can you please tell me in the act where it is mentioned pr how you arrived to this conclusion..
Section 32(1 )(iii) of IT act provides for deduction of any deficiency in the realizable value of any depreciable assets sold, discarded, demolished or destroyed during the year. So, it there is no other asset in the block, it can be presumed to be non existing.
The block still exists only one of the machinery is discarded. Then also insurance value is to be mentioned??
No. in that case the WDV of the block should be mentioned with the asset value being '0'.
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