Deemed plant & machinery

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CA Final
591 Points Posted on 16 March 2014

Dear Members,

Are there any Provisions for Plant or Furniture which are similar to the Concept of "Deemed building" under Explanation-1 to Sec-32 under the IT Act? If not then how will the capital expenditure made by a person on Plant which is taken on rent by him be dealt with under the IT Act?

Regards,
Souvik Ghosh

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On 16 March 2014 at 22:21 Report
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Head Of Department (Accounts & Finance)
1272 Points Posted on 16 March 2014
Dear Ghosh it is very difficult as there is no such concept in case of rental p&m. You should take it as revenue exp in p&l. Can consider it as repairs and maintenance expenses. If you think the amount will effect your profits then please do consult it with your c.a. Regards
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On 16 March 2014 at 23:45

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