Assets Category
This query is : Resolved
rajnish jain
(Querist)
06 August 2010
1.Company has to be installed a "Rolling Mills "and purchased 2nos. Electric Motors worth Rs. 2500000/-, now MD wants it has been entered in "Electric Machinery" head but my opinion 'Plant & Machinery' Head. What is Right as per Income Tax & Company Act?
2.Company has two heads namely "CAR" & 'VEHICLE'now purchased MOTOR CYCLES in head it will be entered.
2.Company has two heads namely "CAR" & 'VEHICLE'now purchased MOTOR CYCLES in head it will be entered.
Akbar Mirza
(Expert)
06 August 2010
Purchase of Elecric Motors should be trated as Plant & Machinery.
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