- What will be the consequenses in case an Individual receives a machine from Insurance Company after destruction of a a particular machine out of a block of 5 Machines?
- The market value of machine exceeds the wdv of the block of assets.
Menu
clause (vii) of sub section-2 of section-56
Replies (1)
The excess of FMV over WDV of Block of assets will be taxable as STCG..
From the heading of ur query i think that you want to know that whether sec 56 (2) (vii) will be attracted on the above receipt of machine??
The answer is "NO" since the above transanction is specifically covered by Sec 45(1A) hence it cannot be covered unsder the general provision of Sec 56.
Recent Threads
- Closing Stock111
- INVOCIE GENERATED FROM ONE COMPANY AND EWAY BILL G
- Ineligible itc under section 16(4) & itc restr
- Itc on when mixed sales percent in hospitality
- Apply for GST registration while working in MNC
- Deferment period for Advance Tax under Section 234
- Permanant transfer of duty free goods by Advance A
- 1% TDS Deduction on Property purchase through inst
- Tax on leave encashment on retirement
- Guidance Required on Notices Under Section 234B Af
Related Threads
CAclubindia
