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
