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Querist : Anonymous (Querist)
24 February 2012 ahat are loose tools.and what is the diff between loose tools and spare parts
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CA. Rajesh P. Ahir

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CA. Rajesh P. Ahir (Expert)
24 February 2012 Dear,

Loos Tools are general tools which can be used for various types of machineries,Where as Spare Parts are more specific to THE machine.
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C A S.S.Agarwal, M.Com.,LL.B,

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C A S.S.Agarwal, M.Com.,LL.B, (Expert)
28 February 2012 Loose tools are the tools which can be used independently such as ranches, jigs, jacks etc. on loose tools depreciation can be claimed whereas the spare parts are stock in current assets and on use it is to be claimed as revenue expenditure. spares parts can be oa any thing such as machinery, motor car or even loose tools.
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