Cenvat credit & depreciation
This query is : Resolved
23 September 2013
Dear Experts,
I had purchased a Capital Assets but didnt taken the cenvat credit due to the mistake but depreciation taken 100%.
Now after 2 years the auditor pointed out the leakage. Now Whether cenvat credit can be taken after reversing the depreciation on the said cenvat value in current financial year. Also Whether 100% credit can be taken or 50% in this year and 50% in next year. Please reply or suggest me.
Thanks in Advance.
With Regards,
Sagar
I had purchased a Capital Assets but didnt taken the cenvat credit due to the mistake but depreciation taken 100%.
Now after 2 years the auditor pointed out the leakage. Now Whether cenvat credit can be taken after reversing the depreciation on the said cenvat value in current financial year. Also Whether 100% credit can be taken or 50% in this year and 50% in next year. Please reply or suggest me.
Thanks in Advance.
With Regards,
Sagar
24 September 2013
Yes, you can take the cenvat credit 100%.
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