Vat on insurance claim received on purchase against c form

This query is : Resolved

chandrasekhar (Querist)
Follow

19 July 2012 A machine was purchased on 01-01-1998 of Rs 3588911 against C form (2% CST) which was used in business for business purpose and depreciation is duly charged on it.
On 25-05-2005 this machine was damaged and a claim amount of rs 2200000 was received from Insurance Co.
Is the company liable to pay CST/VAT on received of Insurance Claim Received.

C.A Anshul Singhal

C.A Anshul Singhal (Expert)
Follow

19 July 2012 NO COMPANY NOT LIABLE TO PAY CST/VAT ON RECEIVED OF INSURANCE CLAIM .

chandrasekhar

chandrasekhar (Querist)
Follow

19 July 2012 but sir the sales tax dept. said that the amount so received will be treated as sales because we purchase it against C form.

Sir if u have any case law or any provisions regarding this please mention it. Thanks.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Narasimha Murthy

SUBHASH SAHA

saurabh sawlani

deepak

Rameshkumar Jain

Subscribe Now

Vat on insurance claim received on purchase against c form

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

GST CONSULTANCY

CA Final

GST CONSULTANT

Accountant

Manager- Finance and Compliance

Senior Executive