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capitalisation of Interest on short payment of custom duty

This query is : Resolved 
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(Querist)
03 October 2008 sir

Please suggeset whether we should capitalise the interest on short payment of custom duty on import of machine.

Regards

Yogesh gupta
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CA V. Mohanakrishnan

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CA V. Mohanakrishnan (Expert)
03 October 2008 the same needs to be capitalised since the same is directly linked to the machine
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YOGESH GUPTA

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YOGESH GUPTA (Querist)
04 October 2008 Sir

I think it would be teated as penal interest and whether any penal interest could be capitalised. If penal interest is not a deductable expenditure so how the same can be capitalised.
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S.Srinivasaraghavan

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S.Srinivasaraghavan (Expert)
04 October 2008 The disallowave of penal interest is asper IT Act. This has nothing to do with treatment as per accounting principle. These two are different aspects.
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