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Fixed asset

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Querist : Anonymous

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Querist : Anonymous (Querist)
27 June 2012 A PRIVATE LIMITED COMPANY HAS PURCHASED A FIXED ASSET FROM A PERSON, WHICH WAS HIS PERSONAL ASSET. CAN THE COMPANY SHOW IT AS FIXED ASSET.
IS THERE ANY CIRCULAR OR NOTIFICATION, WHICH STATES THAT IF VAT OR CST IS NOT PAID ON PURCHASE OF FIXED ASSET, THE PURCHASER OF FIXED ASSET CANNOT SHOW IT AS FIXED ASSET.
PLEASE GIVE ME AN EXPERT OPINION
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Amol S Joglekar

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Amol S Joglekar (Expert)
27 June 2012 No there is no such circular under Companies Act.
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