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Accounting for petrol pump

Atharv Sankliya (1323 Points)

04 October 2022

in petrol pump warning, hazards sign board are recorded as ?

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Kev Men (756 Points)
Replied 07 October 2022

It will be expensed. It will not be considered as fixed assets because it does not bring any benefit to the assessee. You can read the case of CIT vs. Orient Ceramics and Industries Ltd (2013).

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Atharv Sankliya (1323 Points)
Replied 09 October 2022

Which account is to be debited ??

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