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Consequences of income tax & companies act
Dear Team,
What is the treatment for assets purchased Prior to Incorporation. Assets are purchased by Promotor apart from his share capital. Assets are on the name of Promotor and the payment is done through his personal bank account. After incroporation company paid the amount to promotor. What is the treatment for the assets purchased ?
Sec 35 of income tax is silent in this regards ???
Replies (1)
| Originally posted by : vamsi | ||
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Dear Team, What is the treatment for assets purchased Prior to Incorporation. Assets are purchased by Promotor apart from his share capital. Assets are on the name of Promotor and the payment is done through his personal bank account. After incroporation company paid the amount to promotor. What is the treatment for the assets purchased ? Sec 35 of income tax is silent in this regards ??? |
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