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?
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Tax benefit on loss of machinery asset in accident
Replies (3)
whether you received any isnurance compensation???
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
We did not receive any insurance compensation. Claim was turned down on technical grounds
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