07 March 2021
No ITC is not available.
The lift when installed in the building makes the building fit for occupation and becomes a permanent fixture of the building itself.
Hence the same will be considered as an immovable property .
The Supreme Court in the case of Triveni Engg Industries Ltd v. CCE 2000 clearly laid down that after assembling, on completion of process of erection, the item becomes a part of the building or an immovable property.
So in term of Section of 17(5) ITC is not available on construction of Building.