Ten years ago Hard Hats Construction Limited erected a block of flats for a client in accordance
Fantastic news! We've Found the answer you've been seeking!
Question:
Ten years ago Hard Hats Construction Limited erected a block of flats for a client in accordance with the client's specifications. The block was completed and handed over to the client. The contract consideration was settled in full. During Hard Hats Construction Limited's 2020 year of assessment the external walls of the block revealed dampness. It was then discovered that the walls had not been built according to specifications. Its client instituted an action against it for damages.
Required:
Determine, giving full reasons, whether the expenditure would be deductible from the respective taxpayer's income.
Related Book For
Financial Accounting and Reporting
ISBN: 978-1292162409
18th edition
Authors: Barry Elliott, Jamie Elliott
Posted Date: