Addition on account of provision for impairment of loss - ...

Section 41(2) of Income Tax Act: Provision for Impairment of Loss Not Applicable to Retained Assets, Assessee's Argument Lacks Merit.

June 2, 2022

Case Laws Income Tax AT

Addition on account of provision for impairment of loss - Applicability of section 41 - we do not find any substance or merit in the contentions of the Ld. A.R that the assessee’s case is covered by the provision of Section 41(2) of the Act as the provisions of Section 41(2) deals with the charging of income in the year in which is sold, discarded, demolished or destroyed, but not the case where the assessee continue to hold the fixed assets and loss or impairment in the value of asset is calculated on the registered valuer report. - AT

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Addition on account of provision for impairment of loss - ...

Section 41(2) of Income Tax Act: Provision for Impairment of Loss Not Applicable to Retained Assets, Assessee's Argument Lacks Merit.

June 2, 2022

Case Laws Income Tax AT

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