harish chandra (accounts manager) 06 December 2019
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???
Raksha (Student CA Final ) 06 December 2019
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 !