24 April 2009
please advise whether we could transfer the spare part to other company books through journal entry and wheter vat is applicable on such transfer or not
24 April 2009
If you are booking entry into your books then there is a clear indication that you sold it. Also you will book entry for receipt of payment.
24 April 2009
If you are transferring spare parts to other company it will be treated as sales and VAT will be applicable on it. You must raise an invoice also.
06 April 2015
Dear Dayal, I agree with you. I will be highly thankful to you if you can provide a case law regarding this case. I need the same in an appeal similar to this case.