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New Showroom Construction - reg

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18 November 2019 Company is constructing a new retail showroom. Can input credit on all sums spent - Capital goods - for the new showroom, be taken? Kindly clarify.
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Virendra Chaturvedi

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Virendra Chaturvedi (Expert)
18 November 2019 As per section 16(3), ITC is not available in respect of tax element of capital goods upon which depreciation is claimed under Income Tax Act 1961 as part of cost of asset. Hence, it is advisable not to claim the tax component of inward supply as part of cost of capital asset while claiming depreciation. And additional words used are “plant and machinery” even if debited to profit and loss account , and not capitalized , will be be available for claiming ITC, unless tax component of plant and machinery, is not added in the value of plant and machinery for claiming depreciation
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