Answer / gauri6583

In certain States, (like Maharashtra) Main and Sub
Contractors are treated as single legal Entity. Therefore,
there is no VAT/TDS applicable between the transactions of
the Main and the Sub-Contractor . The VAT Forms are exchanged
between the Main and the Sub Contractors to declare that they
have discharged VAT liability for their portions of the
Contracts. In such cases, the Main Contractor gets the
deduction of the value of the work executed by the Sub
Contractor. The main and the Sub Contractor are jointly and
severally responsible for the compliance under the works
contract provisions of the VAT Act .

Please let me know in which Section we can disallow loss on sale of assets which has been debited in profit and loss account

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