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..
If the asset is totally useless or Junk, then show Insurance Received Value.
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.
No. in that case the WDV of the block should be mentioned with the asset value being '0'.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
View Details
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
View Details
CAclubindia
