vat on goods destroyed by fire.
This query is : Resolved
06 April 2008
whether under maharashtra vat act, vat is to be paid on goods destroyed by fire on claim received from insurance company. ca. sanjay jaju.
06 April 2008
no. claim from insurance co. is not a sale it is just a compensation for the loss . and in compensation profit margin is not there so no question of value addition .
It is only my opinion pl. check with your consultants also.
It is only my opinion pl. check with your consultants also.
07 April 2008
Yes claim from insurance co. is not a sale it is just a compensation for the loss . and in compensation profit margin is not there so no question of value addition but reverted the credit taken on same input so the revart amount will be charged on the same.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Manual Rectification through AO
- IT Return filed defective u/s 139 (9)
- Fixed Deposit Claim Relinquishment by the Nominee
- Defective Return - Tds on advance
- Income Type for interest from government bonds
- TCS ON SOFTWARE SALES
- Not a CA , can we prepare balance sheet
- Valuation of diamonds as on 01.04.2001
- What is meaning of merging of expenses or income in accounts
- Accounting treatment of write off sundry debtors
- Gstr 9 2023-24
- GSTR-9 HSN Summary and Credit Note without item
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- GST RCM not shown in GSTR-3B
- Bill from Dispatched from issue.
Trending Online Classes
-
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
Mr.Balamurugan Ranganathan15 November 2024
CAclubindia
