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Terminal Depreciation:
Where an asset on which depreciation has been claimed u/s 32 (1) (i) which is sold destroyed or discarded and if the Sales consideration is less that Actual cost less depreciation allowed then the difference between two factors shall be allowed as Terminal Depreciation in the previous year in which it is sold destroyed or discarded.
Balancing charges:
Where an asset on which depreciation has been claimed u/s 32 (1) (i) which is sold destroyed or discarded and if the Sales consideration is less that Actual cost less depreciation,
Then the least of the following will be treated as income from PGBP as balancing charge.
1. cost less written down value 2.Sales consideration less written down value.
AGREE WITH MR VENKITARAMAN
