Hello everyone,
As per sec 16(3) we either can claim ITC on Capital Goods or Depreciation on Capital Goods.
However, as per Rule 43 of CGST Act, some ITC needs to be reversed over a period of time.
In this case, the reversed ITC, which earlier were not included as part of cost of the assets and hence depreciation wasn't claimed on the same.
Now due to reversal of ITC, can we add back the same reversed ITC to cost of the assets for claiming depreciation on the same?
CAclubindia
