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Plz help me...............?

sakshi jain (student) (212 Points)

19 September 2012

1.what is the difference between inventory and stock?

2.what is plant in plant and machinery?what is plant and machinery?

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Deepak Gupta (CA Student) (15922 Points)
Replied 19 September 2012

Originally posted by : sakshi jain

1.what is the difference between inventory and stock?

Refer to file attached below.

2.what is plant in plant and machinery?what is plant and machinery?

Plant means something, which is required for the purpose of carrying on business/enterprise. Plant must be something, which is used by the assessee in aid of the object or purpose of the business. It is not only the means of processing the end-product, but it includes the entire operation undertaken for the purpose of obtaining the end-product - CIT v. Birla Jute & Industries Ltd.