06 February 2013
I received a government grant of Rs. 10 lacs against purchase of fixed assets in manufacturing unit and i less this from my fixed assets value during its capitalization but vat assessing officer says that you done evasion of vat when you sold this. How i can solve this problem in future.
08 February 2013
Mr Vikash thakur, Once the govt has a grant for purchase of an asset, and you have done so, then it should remeain in your asset list. This fixed asset can not just vanish or be consumed away. so the VAT is correct in taking that you have sold that asset for some value. This sale is taxable.Now you declare it and pay tax,penalty and interest due.......MJK
09 February 2013
dear sir, I am Vikas Thakur who ask a query related vat. I have not been intention of sale of machinery. I booked this machinery on nominal value ( Rs. 1/-). but vat assessing officer says that you can sold this machinery on lower value to related party for evasion of tax. Please suggest a method for this on capitalization time or this main time of asking query by assessing officer.
CAclubindia
