Dear Sir/ Madam,
We have certain Asset capitalised in our books . The same is also covered under warranty from vendor, now that asset got failed and for that we will get free of cost replacement from vendor. now issue in front of us is that as we have said asset in FAR can we do the replacement process through 57F4 or we should go for asset scrapping and bringing new asset under new invoice from vendor, please guide
Many Thanks
If u have taken Cenvat credit, then you have to reverse at the time of removal from the factory under Rule 3(5) of the Cenvat Credit Rules,2004. In fact it depend on the terms agreed with the supplier.
RAKSHIT
9810525780
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
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