Hii frnds.. I have come across to the below mentioned situation during the limited review (Quaterly Audit) of one my client....and now would like to ask for your valuable sugesstions as to what should be the appropriate adjustment entry that needs to be passed....
Situation is as below:
My sales consists of a product, whose CENVAT Credit can't be availed.... Now in current year, due to change in some government regulations.. i can avail the CENVAT Credit on the whole quantity of goods, that i have already sold during last two years and the current half year which has already been past till now.. means now i can avail the credit on sales made till the Current half year and also on sales made during last two years..
Suggest me with your views, as to what should be the adjustment entry, that needs to be passed for adjusting the above mentioned case... which consists of some prior period income...
and is there any additional disclosure requirement for the same...
CAclubindia
