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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)
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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