what are stand by assets
This query is : Open
16 March 2017
What are stand by assets which are allowed dep even thought not put two use as per CIT V/S SOUTHERN PETROCHEMICALS IND LTD (MADRAS)
16 March 2017
Stand by assets are those assets kept ready for use in case of the existing assets not damaged/not in a position to use.Stand by assets are generally required for very critical process in a company to avoid the production loss.
Since stand by assets will be ready for use depreciation required to be charged as normal assets.
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16 March 2017
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