Period of cenvat credit ?
This query is : Resolved
17 August 2012
Sir
My unit was SSI in year 2008-09 which became Non SSI in 2009-10. Now, in 2012, i came to know that i have not taken Cenvat Credit on capital Goods purchased by me in 2008-09. please tell me can i take credit of same now ? And that too 100% ? What other formalities i need to complete ?
My unit was SSI in year 2008-09 which became Non SSI in 2009-10. Now, in 2012, i came to know that i have not taken Cenvat Credit on capital Goods purchased by me in 2008-09. please tell me can i take credit of same now ? And that too 100% ? What other formalities i need to complete ?
17 August 2012
after lapse of four years you want to take credit of capital goods?
such capital goods were capitalized in your plant and machinery or fixed assets, and entries passed inclusive of excise, and you have availed depriciation on that value also,
how you can reverse the duty portion and add back the depriciation portion to incometax?
such practise is barred after finalization of accounts for the year, as it should be case of "unjust enrichment"
now you can not take credit.
such capital goods were capitalized in your plant and machinery or fixed assets, and entries passed inclusive of excise, and you have availed depriciation on that value also,
how you can reverse the duty portion and add back the depriciation portion to incometax?
such practise is barred after finalization of accounts for the year, as it should be case of "unjust enrichment"
now you can not take credit.
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
- CLOSING STOCK QUERY
- TDS _Long term Capital Gain ref.sec 214 Table 2
- CASH GIFT FROM BLOOD RELATIVE
- TDS offline utility
- Due Date Clarity
- Query regarding TDS on EPFO Higher Pension Arrears- under wrong section
- TDS on rent received on hardship compensation being rent on redevelopment of building
- Traces submitting correction statement error
- Gst on travel by air for business purposes
- Rent claimed on building given on permissive possession basis
- DUE DATE FOR ITR FILING
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- INWARD REMITTANCE FOREIGN
- CPC and SAC
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
