Determination of cost of asset

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Student CA IPC / IPCC

32 Points Joined March 2014

Suppose if the Cost of Asset is 1,00,000

Installations charges is 10,000

Frieght Charges is 10,000

The cost of Asset we capitalise is 1,20,000

Question is ,If there is any section said that the amount 1,20,000 is to be capitalized in Income Tax 1961..?

Replies (1)

1410 Points Joined March 2015

I don't think there is any particular section in the act which says so but on the basis of common accounting practors and understandinG this is done.

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