Dharmendra (faculty) (52 Points)
17 June 2010Plz tell me 1) "Whether Imported goods confiscated by custom is a Capital loss or Deffered Revenue Expenditure ?"
2) whether Pilferage of certain items is a capital loss ?
3) Whether Renewal fees for patent is a Capital expenditure or Revenue expenditure ?
JITENDRA KUMAR DHINGRA
(Executive)
(93 Points)
Replied 25 June 2010
Goods confiscated by the custom is not the capital loss. It is in the nature of revenue loss.Pilferage of goods is also in the nature of revenue.renewal fee of patent may be the capital or revenue,for the i would like to refer to the AS-10.
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