PROPORTIONATE ITC ON CAPITAL GOODS HAS BEEN REVERSED ON ACCOUNT OF CAPITAL ASSET BEING USED FOR BOTH TAXABLE AS WELL AS EXEMPT SUPPLIES.
WHERE TO CHARGE SUCH REVERSAL - TO PROFIT AND LOSS ACCOUNT OR TO CAPITALIZE TO ASSET?
mahipal m. chande (ca) (216 Points)
26 October 2020PROPORTIONATE ITC ON CAPITAL GOODS HAS BEEN REVERSED ON ACCOUNT OF CAPITAL ASSET BEING USED FOR BOTH TAXABLE AS WELL AS EXEMPT SUPPLIES.
WHERE TO CHARGE SUCH REVERSAL - TO PROFIT AND LOSS ACCOUNT OR TO CAPITALIZE TO ASSET?
mahipal m. chande
(ca)
(216 Points)
Replied 26 October 2020
ANY REFERENCE PROVISION OR EXPERT'S VIEW?
JATINDER KUMAR
(Accountant)
(3662 Points)
Replied 26 October 2020
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