Dear All,
I have a querry in excise. I have raised purchase order with excise to party. Party has supplied me material. party has issued invoices without exicse duty. I have debited him excise duty amount as a pentaly. Please tell me the impact of amount which I have collected as a penaly against excise. is it liable to pay to Goverment? is it other income for me? If i have purchse this material as capital goods/ fixed assets then, should I deduct the same from capitalization amount???
CAclubindia
