AS-16

what is the time period for an asset to bcome a qualifying asset  =   no time limit given, its depands on facts & circumstances.

A qualifying asset: is an asset that necessarily takes a substantial* period of time to get ready for its intended use or sale.

*ordinarily, a period of twelve months is considered as substantial period of time unless a shorter or longer period can be justified on the basis of facts and circumstances of the case. [Accounting Standard Interpretation -1]

commitment charge: at the charges levied by the bank on short-term borrowings (CC limit etc.) for non-utilisation of limit sanctioned.

is truck a qualifying asset?

Originally posted by : sukriti jain
	is truck a qualifying asset?

no, as it does not take substantial time to get ready....

moreover, there may be different opinion of different people

THANX  A LOTT