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Addition to assets

Tax queries 717 views 4 replies
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AUDIT COMPLIANCE OFFICER
469 Points Posted on 14 November 2013

Dear All,

I have received a Scrutiny notice in which IT dept demanded Addition Made to Assets.

 

My Confusion is whether Additions demanded is only related to existing assets or it will inlude purchase of new assets too !!

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On 14 November 2013 at 15:44 Report
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FINAL CA STUDENT
132 Points Posted on 14 November 2013
IT WILL INCLUDE PURCHASE OF NEW ASSET ALSO
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On 14 November 2013 at 16:10
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Practice
148 Points Posted on 14 November 2013
Dear Pratik, Additions made to assets means whatever assets you have purchased during the year under consideration. No matter whether such purchases relate to existing assets or new assets. You must be in a position to give a list of such additions made and their corresponding bills.
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On 14 November 2013 at 18:18
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Partner at MNNY & Associates
29 Points Posted on 15 November 2013

Dear Pratik,

The addition to the fixed asset will be those additions which are made in the year under Scrutiny. Say for Example, a scrutiny notice is received for Assessment Year 2011-12 then the additions pertaining only to AY 2011-12  will be have to be submitted.

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On 15 November 2013 at 13:39
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Partner at MNNY & Associates
29 Points Posted on 15 November 2013
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On 15 November 2013 at 14:17


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