Sec 43A of the IT Act Vs. AS 11

Ravikumar.G , Last updated: 29 September 2007  
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Suppose a machine was imported for one lakh US dollars when the exchange rate was Rs 45 per dollar. Both in the accounting records as well as in the tax records, the transaction would have been recorded debiting the asset concerned with Rs 45 lakh. But should the asset be financed by supplier’s cr

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Ravikumar.G
(Consultant)
Category Income Tax   Report

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