Sale of fixed assets (companies Act & IT Act)

This discussion addresses the accounting treatment for the sale of a fixed asset, specifically a car, under both the Companies Act and the Income Tax Act. The user highlights discrepancies in the Written Down Value (WDV) and resulting profit/loss calculations between the two acts. They seek clarification on how to record the profit in the books and specifically where to deduct the profit on sale of fixed assets within the PGBP schedule for Income Tax purposes.