Section 32 r.w.s 43(6)(c): Vehicle Sale Profit Already Adjusted, No Separate Tax

Suyog Electricals Ltd. Vs DCIT (ITAT Ahmedabad)

Book Profit on Sale of Car Cannot Be Taxed Separately Once Sale Value Is Reduced from Block — Double Taxation Deleted Under Sec. 32 r.w.s. 43(6)(c)

In this appeal, Suyog Electricals Ltd. challenged the addition of ₹4,83,894/– treated as “profit on sale of fixed asset (vehicle)” brought to tax by the AO & confirmed by NFAC. The Assessee had originally filed return declaring income of ₹17.39 crore, later revised to include all entries.

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