Excise treatment for fixd asts on convrsion of porp in firm
This query is : Resolved
Harshkumar S Sharma
(Querist)
29 December 2013
Dear All,
Suppose a person running proprietorship firm gets converted into partnership firm by adding his son as partner and all assets & liabilities are transferred to that firm. further, whether we have to raise excise invoice for transfer of the fixed assets to that firm & pay excise accordingly in prop. firm. OR we have to just inform change in constitution to excise officer
Suppose a person running proprietorship firm gets converted into partnership firm by adding his son as partner and all assets & liabilities are transferred to that firm. further, whether we have to raise excise invoice for transfer of the fixed assets to that firm & pay excise accordingly in prop. firm. OR we have to just inform change in constitution to excise officer
Arun Kumar Singh
(Expert)
01 January 2014
Manufacturer can transfer unutilised cenvat credit to the transfered/sold/merged/leased or amalgamated factory/busines- rule 10(1) and 10(2) of cenvat credit rules.
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