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ITC Related to Installation of Lift.
For Business Office Buliding or For Factory If Business Entity Installed Lift for Business Purpose, Entity May Avail ITC on Lift Installation.
Replies (3)
Quick Summary
Yes, the same can be availed.
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
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.
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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