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Urgent accounting for fixed assets

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(Querist)
03 October 2013 Hey Friends,
I want to know whether Gas Cylinder purchased by a businessmen having Resort business can show as Capital Assets or Revenue Expenses both as per I.T Act & AS
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Ganeshbabu K

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Ganeshbabu K (Expert)
04 October 2013 It is revenue expenditure...no meaning in capitalization of cylinders

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