If an assessee can purchases Plant & Machinery on Hire Purchase basis whether the interest (for the period before the asset put use) can be added to Cost of Asset to calculate Actual cost of asset.
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Actual Cost of Asset
Replies (3)
Yes, as per AS 10 the cost relating to the Fixed Asset incurred before it was put to use shall be added to the cost of the asset...
YES YOU HAVE TO ADD COST WHICH YOU INCURR..AGREE WITH MR VIKAS
yes the interest before the asset is put to use should be added to the cost of asset.
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