Poonawalla fincorps
Poonawalla fincorps

BLOCK OF ASSETS

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Querist : Anonymous

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Querist : Anonymous (Querist)
19 May 2011 if co. is follow block of assts method.
and in block there are 2 asstes, now if co. is sold 1 asstes .
1 selling price of asst is deduct from block ?
or 2. any profit is shown in p&l a/c. if block is still exist.
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CA Ravi Sisodia

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CA Ravi Sisodia (Expert)
19 May 2011 under income tax - selling price of assets should deduct from block.

loss/profit is shown in p&l a/c if sale price is exceed from value of block.

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