girish (Finance executive) (25 Points)
01 January 2011Wish U happy new year to every body. I have a small question, We bought one asset on hire purchase with finance in 2009-2010. In 2011 finance company refund the the sum amount due to rupee appreciation. How to treat this refund amount means reducing asset value or any other treatment.
With Regards,
Girish.
Divya K S
(CA)
(289 Points)
Replied 01 January 2011
I think you can reduce it from the cost of asset, since watever you have paid for hire purchase its come back & can not be treated as income.
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Survey, Search and Seizure under Income Tax Act 1961
CAclubindia
