hii frnds....
A Association made a pipe line for flowing out of poluted water of various industries. the pipe line cost is approx 3-4 cr.and the companies using the pipe line paid the amt. as per their quantity of poluted water.
one of my client company paid the 90 lac rs. under this.
No one can sold that pipe line as all comapany use this for flowing out of poluted water ..and all companies are giving that amt. as they are using the pipe line...
now what will be the treatment of that pipe line in companies book.
is this is a asset?? if yes than under what defination...
if no than can company claim the amt. as expenses and debit this in their account???
or any service tax is applicable???
plz give me ans...under proper rule and act.....
CAclubindia
