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Cenvat Credit & Depreciation

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Querist : Anonymous

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Querist : Anonymous (Querist)
18 April 2010 Dear Sir,
What is the meaning of following sentence?

“No Cenvat credit on duty amount if manufacturer claims depreciation on duty - u/s 32 of Income Tax Act.”

I am confused - Can i take the credit on capital goods & can i clam the depreciation on the same ?
Pls help.


Thanks in advance.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
18 April 2010 Both cannot be claimed.
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
18 April 2010 If you are taking cenvat on the capital goods,- you cannot claim the depreciation for the portion as Cenvat claimed

If you are not taking cenavt on capital goods the same can be included as Asset and can be claimed depreciation
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kartik_somu

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kartik_somu (Expert)
19 April 2010 agree
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