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consumable or fixed assets

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15 June 2011 our concern has purchased waterproofing tarpaulin to protect stock for rs.21,00,000.my question is whether it will be treated a consumable item of revenue expenditure or capital asset considering it as capital expenditure.pls advice
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CA Rajendra Purohit

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CA Rajendra Purohit (Expert)
18 June 2011 If the item purchased is going to give benefit in the coming years too and if will long last then it will be considered under assets and will be capitalized. Thus, the nature of the asset and its durability is the consideration point for classification it into either Revenue or Capital.

These are my views.
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
13 July 2023 "Sorry, I am not a featured member."

For featured members contact....

https://www.caclubindia.com/catalogue/featured.asp
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