Faculty of Commerce and Indirect Taxes
392 Points
Joined February 2013
Read the definition properly as it is clearly stated that "a vehicle having less than four wheels fitted with engine capacity of not exceeding twenty-five cubic centimeters", so in today's world all the 2/3 wheelers that you have seen are of more than 25CC capacity. Therefore, they are squarely covered in the definition of MV and since they have a sitting capacity of less than 13 persons, credit is totally blocked u/s 17(5).