One of the machines that were in use in operations was damaged irreparably in an accident and we propose to write off this asset in our books of accounts. Can you tell us the tax implications of this move?
3 Replies
Bibek jaiswal
(Accountant)
(528 Points)
Replied 08 June 2018
whether you received any isnurance compensation???
Srinivas Pyata
(543 Points)
Replied 08 June 2018
if the block is continues then you can not written off in the books
but you can claim depreciation on the wdv
but you can claim depreciation on the wdv
G Sankaranarayanan
(4 Points)
Replied 11 June 2018
We did not receive any insurance compensation. Claim was turned down on technical grounds
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