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QUE 1 : The building has got completion certificate from concerned authority but certain interior work is pending as on date,

Whether is it possible to capitalise the expense incurred after completion certificate ?

 

QUE 2 : What is the interest or penalty on delayed filing of EXCISE RETURNS

 

QUE 3 : Assessee incurred cash expense for procurement of sand but unable to arrange the evidence. In such cases what is to be done ? since it is not possible to gather evidence in practical scenario !! but these are genuine expenses

Replies (3)
Yes u can capitalise expenses even after the builder has got completion certificate
Make cash vouchers below 19000 and claim expenses in books on different dates
Originally posted by : Robin

QUE 1 : The building has got completion certificate from concerned authority but certain interior work is pending as on date,

Whether is it possible to capitalise the expense incurred after completion certificate ?

 

QUE 2 : What is the interest or penalty on delayed filing of EXCISE RETURNS

 

QUE 3 : Assessee incurred cash expense for procurement of sand but unable to arrange the evidence. In such cases what is to be done ? since it is not possible to gather evidence in practical scenario !! but these are genuine expenses

A1. Certification is the valuation of Capital asset as on date of certification. If there are any value additions even after certification date, onc can capitalize those expenses depending upon the facts and figures. Nothing wrong capitalizing the interior after completion of building

A2.Ref. Rule 27

A3.It is expected to receive the signature of Sand supplier by the time he receives the payment. However, it purely depends on internal control systems of enterprise. Judgement can be made by analysing the facts of situations


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