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Discussion > Income Tax > Others >

Cancellation deed

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manager finance

[ Scorecard : 1574]
Posted On 06 June 2013 at 14:20 Report Abuse

1.co has acquired an office for rs.1crore in dec 2011, however it has not got possession.co has booked it as fixed assets.company has incurred rs.5lac for some advocate's fee which also co has capitalised.

2. company has not provided for any dep as assets was not put to use.

3. In fy 2012-13 there was some dispute over area and the seller and company mutually cancelled the purchase agreement of dec 2011 and seller has refund rs.1 crore to the company.

Queries are :-
a.Whether above will be treated as sale of fixed assets.

b. what will be the treatment of rs.5lac which co has capitalized, ie stcl or business exp.

c. whether to report the same in caro as disposal of substantial fixed assets.

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