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Cost of Fixed Assets

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23 October 2009 If an asset is procured with payment of Cenvat. For E.g. Cost of Asset 10 Lakh, Cenvat 1 Lakh.
1. Can the asset to be capitalised for 11 Lakh.
a). What is the treatment when Cenvat Credit not availed.

b). What is the treatment when Cenvat Credit availed for Full value of Cenvat Paid.

C). What is the treatment when Cenvat Credit availed Partial in current financial year and remaining in the next financial year.

Iam thanking you all in advance to help me to find solution.
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HARI K V

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HARI K V (Expert)
23 October 2009 1. Asset shud be Capitalised only for 10lakhs.
2. Carry forwqard the Cenvat Credit which is not availed.
3. full value of Cenvat Credit in case of Capital Goods can be availed only when the Capital goods are cleared as such during the same FY, otherwise only 50% is allowed in Current Fy and the balance in subsequent years.
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