https://www.taxtmi.com/manuals?id=1143 Taxation of gains on disposal of depreciable business assets operates as a balancing charge where a tangible asset is sold, discarded, demolished, or destroyed for more than its written down value. The excess is treated as deemed business income, with the taxable amount computed by reference to sale consideration, original actual cost, and written down value. The rule applies only if the asset was owned and used for business or profession and depreciation had been claimed and allowed; it remains taxable even if the business no longer exists. en-us Tue, 15 Sep 2015 11:29:00 +0530 Mon, 04 May 2026 12:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/manuals?id=1143 Taxation of gains on disposal of depreciable business assets operates as a balancing charge where a tangible asset is sold, discarded, demolished, or destroyed for more than its written down value. The excess is treated as deemed business income, with the taxable amount computed by reference to sale consideration, original actual cost, and written down value. The rule applies only if the asset was owned and used for business or profession and depreciation had been claimed and allowed; it remains taxable even if the business no longer exists. Manuals Income Tax Tue, 15 Sep 2015 11:29:00 +0530 https://www.taxtmi.com/manuals?id=1143