09 March 2011
We are an engineering manufacturing setup, the company acquired & installed industrial lift at its plant. This lift was to be used for shifting fin.goods from ground floor after manufacturing process to fist floor. The cost of lift acquired & installed was Rs. 8,20,750/- at the same time company also installed a weigh brige in its factory which was used for weighing of raw material purchase. the cost of weigh brige acquired & installed was Rs.12,70,200/-
Pl. Tell the lift would be capitalized as building or Plant & Machinery or as any other asset?
Wether the weigh brige would be capitalized as building or Plant & Machinery or as any other assets?
Whether the firm would be entitled to additional depreciation in case if the above assets are classified as plant & Machinery?
CAclubindia
