Loss on Sale of fixed assets should be added back while computing income under the head PGBP or not. Quote section if any.
2 Replies
Vijay Budhwani
(AVP Tax)
(326 Points)
Replied 18 September 2008
As far as i know loss/profit on sale of fixed assets is short term capital gain/loss as per Sec.50and hence it is to be added/deducted from Business Profits.
S.Srinivasaraghavan
(Chief Financial Officer and Co)
(11318 Points)
Replied 18 September 2008
Because the depreciation is on block assets concept for IT assessments, as long as that block exists there will be no gains or loss for IT purposes. Therefore any book profits will be removed and any book losses will be added back while computing taxable income.
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