Treatment of vehicle lost by theft
This query is : Resolved
03 April 2015
A vehicle in which no insurance claim is admissible was lost by theft whether any depreciation will be admissible for the said vehicle during the and whether the loss will be allowed as deduction from business profit.
03 April 2015
No depreciation is allowed, because the asset is not exist as on the date.
However, you can book the loss against business profit.
However, you can book the loss against business profit.
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