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On MODVAt claim on purchase of Capital Goods for a 80IC co.

This query is : Resolved 
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(Querist)
12 September 2009 A co. who can claim the MODVAT credit on purchase of Capital goods didnot claim the credit in the year of purchase of the machinery..
Can the claim be utilised in the next year..
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CA Punit

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CA Punit (Expert)
12 September 2009 Hi..
In case of Capital Goods, credit upto 50% can be taken in the year of purchase and balance in subsequent years.
As such in your case the credit can be utilised in next year
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