15 January 2011
On the receipt of import documents ( Sight Lc) in Bank, payment of $ 10 mn @ Rs. 45 has been made on 20.12.10 towards import of assets under construction. The aforesaid consignment was cleared from the port on 24.12.10 the rate of $ was Rs. 46/- on that date. In this case whether Ex. Loss of Rs. 100 lacs is to be charged in revenue ( As per AS 11) OR is to be capitalised under CWIP.
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