As - 10
This query is : Open
25 December 2014
An entity is following the policy of deducting penalty if the delivery of the said goods is not received within stipulated time period.
Now should this be reduced from the cost of the asset or be treated as an indirect income?
Now should this be reduced from the cost of the asset or be treated as an indirect income?
Ketan Shah
(Expert)
25 December 2014
The deduction should be reduced from the cost of asset rather then treating it as indirect income.
25 December 2014
Would you further advise me by giving a reference of the wordings of the AS.
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