Tax implication on sell of plant & machinery

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manisha kejriwal (Querist)
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13 July 2012 Our is a newly incorporated company. Before its incorporation, one of the group company has imported plant & machinery which are supposed to be transferred to our company after its existence. All the taxes on such import were paid by the group company.Now we are in the process to transfer the same.
Please guide us with the best accounting treatment for this so that the new company gets the benefit of the custom duty paid by one of the group company.

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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13 July 2012 IF u avail the EPCG licence and advamce licence & fulfill the E.O. AS PER PRESCRIBED BY DEPARTMENT NORMS AND GUIDELINES DOESNOT THE MATTER FOR ANY PENALTY Otherwise u can endorsed in shipping of group company.

regards,