Hi,
Can any one advise on the following issue
A company has imported gym equipments from USA.They have claimed CENVAT credit of the duty so paid against subsequent payables.Credit has been claimed treating the same as import of capital goods.Whether the credit claimed by the company is admissible or not
Cenvat Credit can be taken only on CVD portion ( EC and SHEC thereon) and also 4% SAD (Special additional duty of customs)
Admissibility of cenvat credit on the said items can be ascertained only in the light of the business activity of the company. Pl. explain the business and the nexus of the subject goods with the business.
CAclubindia
