ITC on purchase of boat
This query is : Resolved
Quick Summary
09 June 2021
Dear Sir,
Our company has purchased diving boat for business in march' 21 , cost of Rs.35 . Shall i take ITC on purchase invoice this FY 2021-22 . i can take full itc or Partly.
Kindly advice.
Brdgs
R.S.Pandi
Dear Sir,
Our company has purchased diving boat for business in march' 21 , cost of Rs.35 . Shall i take ITC on purchase invoice this FY 2021-22 . i can take full itc or Partly.
Kindly advice.
Brdgs
R.S.Pandi
CA Altamush Zafar
(Expert)
09 June 2021
How will it be used for business ?
CA Altamush Zafar
(Expert)
09 June 2021
I believe this boat will come under the meaning of vessel and there are restrictions on taking ITC on it. Check section 17(5)(aa)
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