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(Querist)
13 July 2009 A pvt ltd co. purcahsed a car in cash. At the same time it paid the insurance amount Rs. 20567 in cash. The amt will appear in the P & L A/c. My query is as to the amount of insurance i.e. whether the same is allowable or not???????????
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CA. Gurdeep Singh Chawla

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CA. Gurdeep Singh Chawla (Expert)
13 July 2009 disallowed
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CA Nitin Wadhwani

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CA Nitin Wadhwani (Expert)
13 July 2009 In my opinion, the first premium paid is capitalised.
If it's not, then it will be disallowed.



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Ratan Sharma

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Ratan Sharma (Expert)
13 July 2009 Agree with Nitin

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