Profit on Sale of FA in Books of A/cs treatment in I Tax, when no profit as per Income tax rule of Block Asset
We have 5 trucks in company. In current year we sold 3 trucks and purchse 2 new trucks.
We have calculated dep. and profit on sale of truck as per companies act.
We have calculated dep. as per Income Tax also, but there is no Profit in Income tax as block is not get negative after reducing sale value and still there is assets in that block.
So, My quiry is how I adjust profit on sale of fixed asset in My Return. So, that no tax will payable on profit on sale of FA.
Pls. give Sec Reference also.