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Loan basis material

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(Querist)
20 June 2015 what is meaning of loan basis material
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
21 June 2015 Due to urgent requirement material taken on loan basis from another person which will be returned later.
For eg. A has got order from govt unit. the required raw materials was not available hence the govt unit has given raw materials on loan basis (which is excisable) thro delivery challan and also not availed modvat credit. now A has imported the material and returning raw materials.
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