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Reversal under rule 42
if a company has a investment in listed equity shares, if that investment is sold and booked capital gain then, same need to be consider for reversal of ITC under rule 42.
Replies (2)
Quick Summary
Yes 1% of sale value of securities has to be considered as exempted turnover and proportionately common input credit has to be reversed while directly related input is totally expensed.
Ok thanks
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