Madhya pradesh vat - intangible assets - itc
This query is : Resolved
28 September 2015
Dear Experts,
Company has paid VAT on sale of some rights @ 5% in Madhya Pradesh (Entry no. 3 Sch II Part II).
As per prima facie reading of section 14 of MP VAT act, it appears that ITC is not available on such transaction.
Can anyone help with relevant case laws/section under which ITC is allowed on intangible assets purchased.
Regards
Company has paid VAT on sale of some rights @ 5% in Madhya Pradesh (Entry no. 3 Sch II Part II).
As per prima facie reading of section 14 of MP VAT act, it appears that ITC is not available on such transaction.
Can anyone help with relevant case laws/section under which ITC is allowed on intangible assets purchased.
Regards
28 September 2015
Mr Mittal : No ITC can be claimed on purchases of intangible assets,because they are not direct raw materials nor retraded goods....mjk
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Deemed Capital Gain
- Exiting partner in partnership firm in gst portal
- Type of Capital Gain
- TDS on property - Form 141 query
- F & O PROFIT REPORTING FOR AY 2026-27
- ITR-3 File/Error Found
- Consequences of Non-Deduction of TDS under Income Tax???????????????
- Average Cost Of High Quality Diamonds
- Taxability of credit in canara bank ET & T section (NRO)
- Difff in ais receipts and gst turnover
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
