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Fixed Assets w/off whether allowed exp. under Income tax,

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(Querist)
08 September 2008 Hi Dear all

I want to know whether Fixed assets w/off is allowable exp. under the income tax act or not.
Where gross block of assets still exist but sum assets are being w/off due to closure of particular units of the co.

Thanks & Best Regards

Gopaal
RSH
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RAMPRASAD

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RAMPRASAD (Expert)
29 September 2008 No, Fixed assets w.off will be added back to Income Tax Profits. It will be treated as Deprecitaion provided in Books of Accounts.

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