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ITC Related to Installation of Lift.


Jithendra Chary   07 March 2021

Jithendra Chary

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For Business Office Buliding or For Factory If Business Entity Installed Lift for Business Purpose, Entity May Avail ITC on Lift Installation.
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Divyam Agarwal

Divyam Agarwal (Practicing Chartered Accountant)     07 March 2021

Divyam Agarwal
Practicing Chartered Accountant 
 35 likes  508 points

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Yes, the same can be availed.
durgesh

durgesh (student)     07 March 2021

durgesh
student 
 10 likes  222 points

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Its is a dicey situation, talk with you'd stat auditors whether they ate going to capitalise in or not....i would suggest not to take the credit although u can
Pankaj Rawat

Pankaj Rawat (GST Practitioner)     07 March 2021

Pankaj Rawat
GST Practitioner 
 3681 likes  49958 points

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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.
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