Is 35AD Mandatory to follow for Companies (cold storage) under Income tax 1961

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..... Is 35AD Mandatory to follow for Companies (cold storage) under Income tax 1961
Query (Issue) Started By: - prasadu naladala Dated:- 11-7-2015 Income Tax
Income Tax
Hi, We had a company name .....

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..... cold storage and they are receiving govt grant for that business.The cold storage come under 35AD of IT act 1961. now the problem is , Is it mandatory to prepare books of accounts for cold storage co .....

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..... mpany under 35AD of act or can we follow on normal basis of accounting. eg: construction cost for the cold storage is 7,00,00,000.for normal companies this amount will be shown under the assets side .....

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..... of B\S but under 35AD this fixed asset amount will be allowed as expenditure in P&L A|c. now is it mandatory for cold storage to take entire 7,00,00,000 as expenditure in P&l need not to disclose in .....

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..... B|S
Discussion Forum - Knowledge Sharing .....

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