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Loss on sales of fixed assets

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(Querist)
09 February 2022 whether loss on sales of business assets is deductible expenditure in profit and loss account ? block of fixed assets exist
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
10 February 2022 Such losses are deductible expenditure in profit and loss account if no block of fixed assets exist.
Sale proceeds can be credited to block of assets of if block exist.

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