Capital gain on depreciable assets

This query is : Resolved

biswojit (Querist)
Follow

30 December 2011 Hello sir and madam,
Namaste!
First of all my good wishes to all experts,members and viewers for new year.

I have a small querry:

Brief Note:
Our company having 6 manufacturing units in Himachal Pradesh(exempted units u/s 80 IC of IT Act)and Head office in Delhi. For the purpose of 80IC and deferred tax calculation we used to calculated depreciation schedule separately for each unit and consolidated as well.

In one manufacturing unit at HP the depreciable assets sold in this F.Y.,the sale consideration is more than the WDV at begining of the year and addition made during the year.(means STCG arises if i will take it as an independent company).
Other wise company as whole the block having positive amount for charging depreciation on this.

Here my Q is whther co shall pay STCG on the block of asset at that manufacturing unit, treating as independent block or independent assessee?

OR

Company shall not pay any STCG as there is no such STCG arise if we will take block of assets of the company at a whole.
Kindly reply urgently.
with regards
Biswojit

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
Follow

30 December 2011 The income tax return of the company must have been filed as a whole. All the assets of all the 6 units must have been clubbed to form ONE block of asset.

There is only ONE block of asset having MULTIPLE assets.

Out of those multiple assets, some assets have been sold.

The block still exists and has a positive value.

Accordingly STCG does not arise.