discard of asset
This query is : Resolved
29 May 2010
Can the assesee claim the deduction for amount debited to profit and loss account for discard of fixed assets which is became unuseful and obsolete ? if yes give case law.
30 May 2010
No it will be disallowed and added back to P&L at time of tax calculation as it is treated as sale of FA only. so loss is debited to profit and loss account and which will be added back for tax purpose....
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