yasaswi gomes
(My grammar is 💯 good I)
(7290 Points)
Replied 08 December 2021
What are cows used for? Transport or processed for fat oils? If it is for transport you have to treat them as biological assets and as per Indas, the carrying amount plus gains due to physical and price changes gives the closing value. that means the individual cows will be recognised at fair value less point of sale costs initially and the gains will be added or deterioration is depreciated. No depreciation. as per AS standard, biological assets related to agricultural activity other than bearer plants does not fall under this scope.
depreciation on livestock i.e cow - Income Tax (caclubindia.com)
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
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