he is a job worker and he has machines for running job work in his factory,,,,,now he purchases iron baars (saria ) for repair his factory roof ...can he claim itc on this iron(saria ) purchase???
According to section 17(5) you cannot claim credit of immovable properly ! so if you are treating it as revenue expense and debiting in P&L account then you can claim credit ! If you are capitalising in the factory as a fixed asset then u can not avail credit !
CAclubindia
