Income Tax Act Section 11: Asset Purchase Costs Count as Funds Application, Sale Losses Not Deductible Twice.

Income Tax Act Section 11: Asset Purchase Costs Count as Funds Application, Sale Losses Not Deductible Twice. https://www.taxtmi.com/highlights?id=27231 Exemption u/s 11 - The purchase cost of assets would have been already allowed as application of funds in the year in which the assets were purchased. Therefore, the loss on sale of these assets cannot be treated as application of funds once again. It would amount to double deduction - AT en-us Sun, 07 Feb 2016 17:33:44 +0530 Sun, 07 Feb 2016 17:33:44 +0530 TaxTMI RSS Generator Income Tax Act Section 11: Asset Purchase Costs Count as Funds Application, Sale Losses Not Deductible Twice. https://www.taxtmi.com/highlights?id=27231 Exemption u/s 11 - The purchase cost of assets would have been already allowed as application of funds in the year in which the assets were purchased. Therefore, the loss on sale of these assets cannot be treated as application of funds once again. It would amount to double deduction - AT Highlights Income Tax Sun, 07 Feb 2016 17:33:44 +0530 https://www.taxtmi.com/highlights?id=27231