It act and as 11
This query is : Resolved
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- STCG....................................................
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- TAN for Partnership
- Sales return eway bill
- REGARDING GST LIABILITY/....
- Suggestions required for income tax filing-software (FY 2025-26)
- Loan by Partnership Firm
- E way bill for tractors
- Is E Way Bill Valid If Transport ID Not Mentioned in PART A But Vehicle details mentioned in PART B
- Free lancer income
- Long Term Service award taxability in hands of company
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
