Section 38(1)(b) in The Income Tax Act, 2025

[Cites 0, Cited by 0] [Section 38(1)] [Section 38] [Entire Act]

Union of India - Subsection

Section 38(1)(b) in The Income Tax Act, 2025

(b)in a case where any tangible asset [as referred to in section 33(12)(a)(i)], which is owned by assessee, is sold, discarded, demolished or destroyed, and the moneys payable for such asset, together with the scrap value [A] exceeds the written down value of such assets [C], the sum as computed below, in the tax year in which the moneys payable for such asset becomes due––

(i)where the moneys payable for such asset together with the scrap value [A] is less than the actual cost of such asset [B], then—[A] – [C]; or

(ii)in any other case,—[B] – [C];

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Union of India - Subsection

Section 38(1)(b) in The Income Tax Act, 2025