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Import of old machinery

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(Querist)
07 June 2010 Our company is registered as public limited company. We want to import old machinery from USA at nil valuation. 1) is it possible?

2) We will get funding from Singpore of cost incurred for import. We do not want to show as assets in our books. Is it possbile to claim reimbursement?
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CA Shiv

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CA Shiv (Expert)
07 June 2010 Is the selling company your sister concern?
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sachin

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sachin (Querist)
07 June 2010 Yes, selling company is within group
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CA Shiv

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CA Shiv (Expert)
07 June 2010 Than Transfer pricing will apply in India.. Its not at all possible to transfer at Nil amount... You have to show atleast current MV...
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sachin

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sachin (Querist)
07 June 2010 Can you please guide how to calculate transfer price?
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CA Shiv

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CA Shiv (Expert)
07 June 2010 Hey it will be reffered later on... Not right now. Just transfer the machinery at normal cost... For better clarification contact your CA..
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