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Treatment of destroyed assets

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24 August 2011 one of our assets was destroyed and lost in flood with in the 2 months from put to use. and there was no depreciation for such assets. my query is what will the treatment under income tax for such destroyed assets. there was no scrap value since the assets is not to tracable

24 August 2011 Show the same as disposed off and the value will be short term capital loss.

24 August 2011 but the block exists.


24 August 2011 Well, in that case, no problem, keep on claiming depriciation.

24 August 2011 is it possible to claim it as loss of assts under indirect exp.

24 August 2011 No provision in the Income Tax allows you to do that as per my understanding.

24 August 2011 ok thanks a lot



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