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eligibility of vat receivable added to cost of assets

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(Querist)
20 August 2010 Is Vat receivable form part of assets at the time of purchase. second if such assets is capital work in progress then what is situations?

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CA SMR

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CA SMR (Expert)
20 August 2010 If you are going to avail credit against VAT on Purchase then you cannot expense it out or capitalise it.

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