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(Guest)

Sale of left over inventory and equipmetn on closing firm

Dear sir

My automobile dealership and service center was lying closed since several years due to obsolete product.

I want to sell the  left over and obsolete inventory accumulated since start of business and unservciable  equipment in workshiop and offcie furniture .

Of curse all this will go at  small percentage of purchase cost as costly parts and equipmnt have been turned into scrap.

Have I to pay income tax on this now  as it is actually  my loss. The left over parts and equipment is part of capital/reinvested profits.

 

So is any tax involved in this



Learning

 1 Replies

Kadem Ramesh (Advocate & Tax Consultant)     19 September 2016

SIR,

FIRST YOU INFORM ME - YOU ARE REGISTERED DEALER IN THE ROLLS OF CTO ?

                                         YOU ARE FILING YOUR INCOME TAX RETURNS REGULARLY ?


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