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AS 10( accounting for FA )

This query is : Resolved 
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(Querist)
07 September 2009
dear sir nd frndz,

a company has imported a machinery , in the due course it has paid excise duty which the company wants to set off against its excise liabilty for the year.so will the amount of excise duty paid will form part of cost of machinery ?
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Sreedhar Atchutuni ACA,GradCWA

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Sreedhar Atchutuni ACA,GradCWA (Expert)
07 September 2009 No, it will not form part of cost of machinery.
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Kaustuv

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Kaustuv (Expert)
10 September 2009 from accounting perspective, no it won't form part. but in tax, you can either set off or you can claim depreciation- either of the two choices
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