Depreciation

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sunil (Querist)
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09 March 2011 We are an engineering manufacturing setup, the company acquired & installed industrial lift at its plant. This lift was to be used for shifting fin.goods from ground floor after manufacturing process to fist floor. The cost of lift acquired & installed was Rs. 8,20,750/- at the same time company also installed a weigh brige in its factory which was used for weighing of raw material purchase. the cost of weigh brige acquired & installed was Rs.12,70,200/-

Pl. Tell the lift would be capitalized as building or Plant & Machinery or as any other asset?

Wether the weigh brige would be capitalized as building or Plant & Machinery or as any other assets?

Whether the firm would be entitled to additional depreciation in case if the above assets are classified as plant & Machinery?

CA Parvin Ahuja

CA Parvin Ahuja (Expert)
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09 March 2011 In my opinion both the items would be capitalized as plant & machinery.

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