07 July 2008
Gain or loss on sale of car will be adjusted in the year itself and it is not an item which is to be carried forward to next year. As such, timing difference does not exist on this account. Also, the block as per Income Tax has come to an end and the timing difference on account of depreciation shall also not exist as on the date of B.Sheet and the deferred tax on the same,if any, would have to be reversed.