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Querist : Anonymous

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Querist : Anonymous (Querist)
16 March 2011 Illustration 1
Mr. X set up a new factory in the backward area and purchased plant for Rs. 500 lakhs for the
purpose. Purchases were entitled for the CENVAT credit of Rs. 10 lakhs and also Government
agreed to extend the 25% subsidy for backward area development. Determine the depreciable
value for the asset.
Solution
Particulars Rs.(in lakhs)
Cost of the plant 500
Less: CENVAT 10
490
Less: Subsidy 98
Depreciable Value 392

my query is how is the figure of subsidy arrieved.........
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Neeraj Bansal CA

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Neeraj Bansal CA (Expert)
16 March 2011 well plant cost that actually cost u is 490 not 500 lacs.


subsidy is wrong calculated it should be 25 % of 490 lacs
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