Fixed asset

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 September 2012 sir ,

if we are not show our fixed asset in ITR fixed asset block or not take deprecation , expense, befit. after that .
i am selling my asset and receive this amount what is treatment. current year what liability is charge for me.

CA AYUSH AGRAWAL

CA AYUSH AGRAWAL (Expert)
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12 September 2012 For Personal Return , The Detail of Fixed Asset Does Nt Go in ITR.
But if Business is There, Then It Will Go in ITR, If Not Shown Then Treat This Whole amt Received as Income, & Inspite of This, AO May Take This as Unexplained Income u/s 66 & Can Charge Penalty Also.