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anuj
(Querist) 14 September 2012
This query is : Resolved
Is data processing machine falls under the heading of Asset Finance Company
M V Gupta
(Expert) 15 September 2012
will u please elucidate ur query?
R.K Nanda
(Expert) 15 September 2012
state full facts.
RAJU O.F.,
(Expert) 15 September 2012
Definitely a machine will not come under the catagory of company. Please make use of this forum for solving real legal problems.
Guest
(Expert) 15 September 2012
Probably, you have missed some word in your question, which misdirects your query to be misunderstood as if you treat equipement as a company.
However, categorisation of any equipment, as an asset, depends solely upon its high value for capitalisation purpose. Otherwise, the cost is treated as operational cost and the equipment would not be treated as an asset of the company. In that case the cost is already accounted for in profit and loss account of the company.
anuj
(Querist) 15 September 2012
AFC would be defined as any company which is a financial institution carrying on as its principal business the financing of physical assets supporting productive/economic activity, such as automobiles, tractors, lathe machines, generator sets, earth moving and material handling equipments, moving on own power and general purpose industrial machines. Principal business for this purpose is defined as aggregate of financing real/physical assets supporting economic activity and income arising therefrom is not less than 60% of its total assets and total income respectively.
does Data processing machine falls under the defination of general purpose industrial machines
M V Gupta
(Expert) 18 September 2012
Going by the definition quoted by you I am of the opinion that data processing machine or a computer can be regarded as general purpose industrial machine. It squarely falls WITHIN THE SCOPE OF "asset supporting productive/economic activity".
