item not covered in excise under capital goods

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sam trikha (Querist)
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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

Rajesh Kumar

Rajesh Kumar (Expert)
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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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