TWO BUSINESS OF SAME ASSESSEE
This query is : Resolved
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 ??
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 ??
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.
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..
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..
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