Mohit Arora (Chartered Accountant) (41 Points)
07 April 2011as assets excessively capitalised last year was decapitalised in relevant previous year.
Teh depreciation on such assets chrged to Profit last year is reversed in current year and shown in Form 3CD as Prior Period . But acording to me it should be taxble under head PGBP u/s 41 of Incoem Tax act relating to reversal of liability incurred...
pls advise
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 07 April 2011
on reversal the net effect is added in taxable income, so no need to add it 2nd time.
SIVASIVA
(FCA, Future CA)
(4935 Points)
Replied 07 April 2011
| Originally posted by : U S Sharma | ||
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on reversal the net effect is added in taxable income, so no need to add it 2nd time. |
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CAclubindia
