TWO BUSINESS OF SAME ASSESSEE

This query is : Resolved

CA JAYESH RELKAR (Querist)
Follow

15 December 2020 Facts of the case : Assessee has 2 business, one is of Construction and another is of Cement trading.

If he has used cement bags for his construction business, then two issue arises

1) Sale to self (another self business). Shall we issue invoice in self name??
2) Shall we take ITC on purchase of Cement bags ??

Lekhraj sood

Lekhraj sood (Expert)
Follow

15 December 2020 No need to issue invoice and take ITC.Separate business identification not required as both businesses under same PAN, both businesses are to be treated as business of the tax payer.

CA JAYESH RELKAR

CA JAYESH RELKAR (Querist)
Follow

18 December 2020 Thank you sir,

But, what is the treatment of stock?? Should Stock used for construction business be directly reduced from closing stock at cost price? Please Suggest stock treatment..

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Sanoj T

madhu Reddy

Vasudevan Santhanam

velichety.l.narasimharao

shanmukha sai

Subscribe Now

TWO BUSINESS OF SAME ASSESSEE

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA