20 March 2009
Hi, This is regarding computation of income of Partnership firm for A Y 07-08.
if any property (i.e. godown) purchased before 01.04.81 but not shown in balance sheet of the firm & sold in A Y 07-08,then can I claim deduction from sale proceed thru cost of acquisition or fair market value
20 March 2009
The answer can be both, yes & no, as It will give rise to many proceeding of Income Tax, as you have escaped an asset of Firm seens a long time, lots of justification will be required to prove it before IT.
and I also cant able to understand if the property is from firm name, then why since a long time its not shown in Balance Sheet, which indicates firm has no property. and lots of other question come in mind, you can show it, but be ready enough to argue with IT and satisfy them.
CAclubindia
