Capitalisation of assets

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Amit Kumar Jha (Querist)
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13 February 2013 Company purchase a assets in the name of director but payment had been made through company bank account
In that situation weather can capitalised asset in Company books of account and any dis closer is required for that

what should be done in that situation

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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13 February 2013 It depends upon the nature of the asset. In case of a Car in the name of Director, case law , has been decided in favour of the assessee. But some times the Registration Charges payment is far better that the litigation cost and time. So, it has to be set right.
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Amit Kumar Jha

Amit Kumar Jha (Querist)
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16 February 2013 But one of our client purchase a Land in the name of director
Company may capitalised land in his books of accounts without any agreement between company and director ?

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