Cenvat availment
This query is : Open
28 December 2010
Dear CAs,
We are in the brown field project. Till last month project was on but due to some reasons the project is kept on hold and may be scrapped if not started in next few months.
During the execution of the project we purchased capital goods and raw matarial for construction of capital goods. As on date these are not ready for use for the reason stated above. But we have taken cenvat benefit on the items/material purchsed. Now my quary is-
a) Whatever Cenvat utilised holds good or we need to reverse the same as project is going to close.
OR
b) We may continue to take the Cenvat as taken previously.
Please give your views on the above.
Regards
Manoj
We are in the brown field project. Till last month project was on but due to some reasons the project is kept on hold and may be scrapped if not started in next few months.
During the execution of the project we purchased capital goods and raw matarial for construction of capital goods. As on date these are not ready for use for the reason stated above. But we have taken cenvat benefit on the items/material purchsed. Now my quary is-
a) Whatever Cenvat utilised holds good or we need to reverse the same as project is going to close.
OR
b) We may continue to take the Cenvat as taken previously.
Please give your views on the above.
Regards
Manoj
28 December 2010
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