Purchase & sale meaning
This query is : Resolved
Ravinder chandel
(Querist)
28 October 2012
Is purchase of machine will treated as purchase for sale tax return point of view & ITC on this type local purchase ?????????
MJ Krishnamurthy
(Expert)
02 November 2012
Mr R Chandel,
The purpose of purchssing this machine should be told. If it is for resale ITC can be claimed in the return. If it is a capital asset and if such a machine is permitted as per relavant notifications ITC will be permitted in the returns as per rules of the state. If not in any of these categories it can not be claimed...MJK
The purpose of purchssing this machine should be told. If it is for resale ITC can be claimed in the return. If it is a capital asset and if such a machine is permitted as per relavant notifications ITC will be permitted in the returns as per rules of the state. If not in any of these categories it can not be claimed...MJK
06 November 2012
Yes I agree with the expert
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