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100% capital goods

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Querist : Anonymous

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Querist : Anonymous (Querist)
03 June 2013 Quarie 1
In Audit Absorvation
in our co., in one financial year we have take 100% cenvat credit
& it is not under SSI Unit . While audit is going on auditor retificated
and they are telling to reserve the Cenvat amount & to pay intrest.
now my query is if I taken in one financial 100% on capital goods
I should to reverse excise & to pay intrest also.
or
Quarie 2
I ll pay intrest part & I ll show in return. & I ll not reverse excise amount .
it ll be any problem to us.

I need solution & and I required any judgement made on this Quaries
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Arun Kumar Singh

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Arun Kumar Singh (Expert)
04 June 2013 You should take the 50% cenvat credit on capital goods in first year and 50% credit in next year. But now you will pay the interest on 50% of the cenvat credit amount.
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Querist : Anonymous

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Querist : Anonymous (Querist)
17 June 2013 Sir i should reverse cenvat amount also
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