Exchange rate date for Purchase of Machinery

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shrikant (Querist)
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17 September 2010 Machinery is purchased from Japan Important dates are as below

P O date -31/12/09
Invoice date by japanees supplier -12/2/10
Bill of entry date - 09/3/10
Date put to use - 22/3/10

Which date should be taken into consideration for valuation of Machinery because the date of actual payment is against LC maturity on 20/12/10 on which date payment will be made to the supplier at the then prevailing rate.

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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17 September 2010 duplication

https://www.caclubindia.com/experts/exchange-rate-date-for-purchase-of-machinery-486470.asp

shrikant

shrikant (Querist)
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19 September 2010 My query is what shall be the exchange rate for capitalisation of machinery as on 31.3.10. The date which is previous to the date of LC maturity.

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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20 September 2010 How it is possible , you have received machinery agaisnt LC Payment earlier before maturity of LC.
In case of LC, after maturing of LC, Machinery is to be handed over to Buyer.

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