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Balancing Charge u/s 41(2)

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Court :

Brief :
Case Fact: Whether the entire sales proceeds of asset can be treated as the profit chargeable to tax in case the written down value of the asset sold was not ascertainable.

Citation :
C.I.T Vs. J.K.Cotton Spinning And Weaving Mills Pvt.Ltd.

Decision: Held by the court that as per section 41(2) of the act,the difference between the sale price and written down value of the depreciable asset is to be treated as the profit chargeable to tax. In case the written down value of asset can not be ascertainable the entire sales proceed treated as the profit for the year in which the asset is sold
 

CA. A. Kumar
on 07 July 2008
Published in Income Tax
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