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
- Itr 1 processing
- Off Market debit and credit transaction
- Showing Gift from relative in ITR for this year
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- ITR selection for salaries and capital gain less than L
- ITR returnFY25-26
- ITR 1: Details for showing Exempt Income
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR 2 Short Term gain & Long term gain
- Reporting Income under Section 44ADA
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- Tax liability on income of freelancer
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
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
