hello sirs,
In CENVAT credit rules, 2004 as per Rule 4(2) cenvat on capital goods is allowed upto 50% in the year of acquisition and remaining 50% in the subsequent year subject to actual possession of goods.
My question is regarding interpretation of this rule. Is it says that,
1. Assessee can AVAIL 50% in the first year and remaining 50% in the subsequent year....
OR
2. Assessee can AVAIL full credit in the first year itself, but the credit can be UTILISED as 50% in the first year and remaining 50% in the second year...
Thanx to reply well in advance...
CAclubindia
