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Cenvat credit expense out in last yr

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26 November 2014 ABC Ltd. has expense out cenvat credit on service tax paid in last year and now wants to take credit in current year. My question is whether such credit taken in current year will be considered as Prior Period Income as per AS-5 and can be shown in the accounts as Prior Period Income????

26 November 2014 as per as-5 you have to show in balance sheet as seperate item as prior period item.

26 November 2014 Thank for the reply. Actually my question was whether such credit taken is prior period income as per AS-5???




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