loss sale of fixed assets

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seema chouhan (Querist)
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16 September 2009 one of my client closing their patnership firm, they sold their entire fixed assets
ther is loss in sale of F.A.
Is loss on f.a. sold adjusted against profit of the firm
because the firm dissolve ther patnership in current year only
then how can the loss will be carry forward
is any solution is ther please send me urgently with section details.

CA Debasish Banerjee

CA Debasish Banerjee (Expert)
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17 September 2009 Since it is FA sold where depreciation had been charged in the previous years. You can show the loss on sal of FA and adjust the same against Profit for the year .. against all business profit .. from other sources if the above two are falling short