It act and as 11
This query is : Resolved
mehul kachariya
(Querist)
13 August 2013
I had imported machinery in 2010 and put to use in 2011.. however liability for the same is still o/s. For which I have incurred forex loss.. on march 31 2013.
Please express ur views with respective provisions as to whether I should capitalise the said loss to the cost of machinery or charge it to p and l.
Need answer in view of I. T. Act and also AS 11..
I had imported machinery in 2010 and put to use in 2011.. however liability for the same is still o/s. For which I have incurred forex loss.. on march 31 2013.
Please express ur views with respective provisions as to whether I should capitalise the said loss to the cost of machinery or charge it to p and l.
Need answer in view of I. T. Act and also AS 11..
14 August 2013
if u incurred loss for 12-13 then as per as-11 u can capitalise or can amortize in pnl a/c.
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