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as-10 accounting of fixed assets

This query is : Resolved 
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(Querist)
13 August 2007 In case of capitalistaion of asset can we exclude any amount of penalty charged on contractor in case of a project.
Plz give ans. with refrence of Para no. of AS-10.
Reply in detail.
Penaly is being imposed due to late completion of project.
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CA Mani

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CA Mani (Expert)
14 August 2007 What is the purpose of penalty?

Is it for late payment or It's like escalation claim?
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Mihir

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Mihir (Querist)
14 August 2007 I have given the reason for penalty imposed on contractor, it is due to late completion of project.
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Mihir

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Mihir (Querist)
14 August 2007 Hi this query is open
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Raj

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Raj (Expert)
16 August 2007 Any penlty/Liquidated damage received from contractor is not a part of rebate or discount , obviously it is a part of
inefficiency . it must be treated as seperate income /Miscellaneous income
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