Sale of assets to be treated as pgbp in year of sale

CA Shrenik Sancheti (also Completed CS) (25 Points)

25 July 2012  

Please let me know the above.

I have a company where in we sold the fixed assets. futher i read a clause where it is said that if assets of the company are sold in year of being operation, it is treated under PGBP instead of CG.

The above question is asked because, the company has PGBP losses of 3 years. so can we take set off of those losses treating it as sale of asset under PGBP.