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        Case ID :
        Income Tax

        What is the value at which fixed assets are to be recorded as per ICDS V relating to tangible fixed assets?

        29 August, 2017

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        Manual - ICDS V : Tangible Fixed Assets

        Fixed asset are to be recorded at actual cost including purchase price, duties, taxes (excluding those that are recoverable) and other directly attributable expenditure for making such asset ready for its intended use.

         

        Valuation of tangible fixed assets requires recording at actual cost including nonrecoverable taxes and directly attributable expenditures. Valuation of tangible fixed assets under ICDS V requires recording assets at actual cost, comprising purchase price, duties and taxes that are not recoverable, and other directly attributable expenditure necessary to bring the asset to its intended use; recoverable taxes are excluded.
                        Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                          Provisions expressly mentioned in the judgment/order text.

                              Valuation of tangible fixed assets requires recording at actual cost including nonrecoverable taxes and directly attributable expenditures.

                              Valuation of tangible fixed assets under ICDS V requires recording assets at actual cost, comprising purchase price, duties and taxes that are not recoverable, and other directly attributable expenditure necessary to bring the asset to its intended use; recoverable taxes are excluded.


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