19 August 2008
Dear Sir, the company received material in the financial year 2007-08, but has not taken cenvat credit at that stage because the invoice was missing. In the year 2008-09 when invoice is found can the company take cenvat credit in f.y. 2008-09 on the basis of invoice raise on 09.04.2007. please guide .
24 August 2008
Yes Sir, there is no restriction on taking CENVAT credit. Also CBEC manual is very clear in this aspect that where the assessee does not take credit immediately on receipt of inputs, subsequently when he avails the same, the credit should not be denied.
CAclubindia
