Addition on account of provision for impairment of loss - ...
Income Tax
June 2, 2022
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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