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Fixed Assets

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(Querist)
05 November 2008 If there is import of fixed assets & such fixed assets are lying in bonded warehouse.
how such assets will be treated in books of accounts?
whether such assets will be shown as fixed assets since risk & reward are transferred by vendor.
what about depreciation as per income tax act & companies act.
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S.Srinivasaraghavan

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S.Srinivasaraghavan (Expert)
05 November 2008 AS assets lying under bonded warehouse. They will be exibitted as Capital WIP. No depreciation is applicable pending installation.
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CA RAMESH KUMAR AHUJA

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CA RAMESH KUMAR AHUJA (Expert)
05 November 2008 In case the transaction is complete in terms of the purchase order and the same has been recognised for accounting purposes, treat it Capital WIP. As and when the same is installed and ready for use(put to use as per Income Tax), the depreciation may be charged
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