Credit of excise on capital goods

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CA Monika Jain (Querist)
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25 February 2013 if a machinery is purchased at the end of the year, can we take 50% credit of excise in that financial year and 50% in subsequent year?

@VaibhavJ

@VaibhavJ (Expert)
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25 February 2013 Hi,

Yes even if you purchase on last working day but condition is asset must have been received by assesse in his premises..

Thanks!!

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CA Monika Jain

CA Monika Jain (Querist)
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25 February 2013 Vaibhav ji thanks to you

CA Monika Jain

CA Monika Jain (Querist)
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27 February 2013 vaibhav ji can u explain me if the asset is purchased in last day of financial year and set up in another financial year then can we take credit of excise duty in year of purchase

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