Assets Capitalisation and Depreciation

This query is : Resolved

Aanand Jha (Querist)
Follow

29 September 2023 Due to some reason reason / Dispute, Contractor "A" left work pending. We hired some another Contractor 'B" for completion the work. Assets have also been put to use.

We do not have the bill's from previous Contractor "A", Can we capitalise Assets and claim depreciation?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

29 September 2023 Yes, capitalise assets and claim depreciation as you are using it.

Aanand Jha

Aanand Jha (Querist)
Follow

29 September 2023 Thanks
How the Income Tax Authority determine the Value. Loan was directly disbursed to Work Contractor. He has not Paid GST and not raised any Bill. What Cost has to be taken in books of Account. What will be the Value of Costing?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

29 September 2023 Income tax authority will not determine value.
You have to create liability in the books of accounts based on work execution and contract terms and capitalise in the books of accounts.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

CA.Gopal Rathi

S J MITRA

CA Sunny Sharma

Moby Mogli

Vimlesh kumar

Subscribe Now

Assets Capitalisation and Depreciation

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

CA Final

GST CONSULTANCY

Manager- Finance and Compliance

Article Assistant

Accountant

GST CONSULTANT