We are into the manufacturing of agriculture machinery in UP...in the year 2014-15. we made a sale of car which was being used for the partners for the last 5 years..we were charging depreciation on the same...
the product we manufacture was exempted in upvat and so we didnot get the ITC...
now we are being asked by the authority to pay the tax amount on the sale of that second hand car...
are we liable for the same?
Please let me know..as it will lead to a hevy amount of tax
CAclubindia
