does income from sale of scrap(old damaged materials) of rs 1 lac is taxable in the hand of salaried person ??
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Quick Summary
This discussion explores whether income generated from selling scrap materials, such as old or damaged items, is subject to taxation for individuals who are primarily salaried. It also touches upon the importance of considering the original cost of the damaged materials and their net realisable value in accordance with revenue recognition principles when determining tax liability.