PROPORTIONATE ITC ON CAPITAL GOODS HAS BEEN REVERSED ON ACCOUNT OF CAPITAL ASSET BEING USED FOR BOTH TAXABLE AS WELL AS EXEMPT SUPPLIES.
WHERE TO CHARGE SUCH REVERSAL - TO PROFIT AND LOSS ACCOUNT OR TO CAPITALIZE TO ASSET?
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ITC REVERSAL ON CAPITAL GOODS
Replies (3)
You should capitalize to Asset
ANY REFERENCE PROVISION OR EXPERT'S VIEW?
@ Mahipal Ji, This is capital expenditure in nature
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