06 February 2011
plz reply 1. if an item is of capital nature as per accounts but not covered under definition of capital goods in excise ?? (a)what would be traetment in accounts books & how much cenvat credit canm be claimed by assessee
08 February 2011
If the item is not covered under the definition of Capital goods under Cenvat Credit Rules, and used in or in relation to manufacturing; credit is available as input (i.e. 100% in first year itself). Take full credit, and dont claim depreciation on duty part on which full credit have been taken.
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