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(Querist)
25 December 2014 An entity is following the policy of deducting penalty if the delivery of the said goods is not received within stipulated time period.

Now should this be reduced from the cost of the asset or be treated as an indirect income?
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Ketan Shah

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Ketan Shah (Expert)
25 December 2014 The deduction should be reduced from the cost of asset rather then treating it as indirect income.
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parth

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parth (Querist)
25 December 2014 Would you further advise me by giving a reference of the wordings of the AS.
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