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Repair of gyser capitalized
Is repair of gyser capitalized or not. Plz suggest.
Replies (3)
Is your choice you are capitalized then you have not claim ITC only claim Depreciation
Repairs are expenses incurred to maintain the working condition of the asset or to restore to its previous working condition, thereby adding no value over and above the asset's original utility.
hence, repairs should be expensed in Profit and Loss A/c.
hence, repairs should be expensed in Profit and Loss A/c.
Revenue Expenditure
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