In partnership firm business there is loss on sale of car which was its fixed asset. Is it allowed or disallowed in itr ?
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Loss on sale of car disallowed in itr ?
Replies (3)
Quick Summary
Allowable
But it is capital loss & sec 37 disallow capital loss.
U/s 41(2) allow loss on depreciable assets...section 37 disallow capital loss and car is not a capital assets
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