Capital or revenue transaction
This query is : Resolved
04 July 2012
A belt used in a production machine had become old and hence it is been replaced with the new one (only belt not machine).
Whether such a transaction is capital or revenue in nature?Cost of belt Rs.270000/-
Whether such a transaction is capital or revenue in nature?Cost of belt Rs.270000/-
Amol S Joglekar
(Expert)
04 July 2012
Revenue. No enduring benefits are received by replacing the belt and hence revenue.
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