Query

please resolve ths query

if i have started new co . and purchse new machinery in first year for 100000 and sold in same year for 120000 . is the section 50 attract.

sec 50 says tht capital assets forming the part of block and depreciation HAS BEEN ALLOWED under this act.

here ths machine is forming a part of block of 15% but any depreciation have nt allowed.

since the sale price exceed the wdv and block ceases to be exist ..

what will be the actual income tax implication